March 19, 2020: Federal Tax Response to COVID-19
March 19, 2020: Federal Tax Response to COVID-19
TAX UPDATE
Response to COVID-19
March 19, 2020
Further to the federal announcements of March 18, 2020, additional tax updates have been released. Please be advised of the following changes:
Provincial Update
- Quebec has announced they will align with the federal taxes owing and instalment deadlines. These payments are suspended until September 1, 2020.
- Quebec also announced partnerships that had until March 31, 2020 to file tax returns for 2019, now have until May 1, 2020.
- Alberta will defer the collection of corporate income tax balances and instalment payments, due after March 18, 2020, until August 31, 2020.
Other
With respect to Employment Insurance (EI) and the wage subsidy program, the details behind the announcements have not yet been released. Please be advised that we recognize the importance of this issue to Canadians and when more information is available, we will be releasing a Tax Alert.
We would also like to point out that source deductions were not included in the tax deferral remitting frequency, periods and due dates will remain in place according to the remitter type.
We will continue to update you as things unfold.
For more information, contact your local MNP Advisor or visit MNP.ca.
Insights
-
Confidence
December 03, 2024
Give and take: The impact of fraud on non-profit organizations
Fraud poses serious risks to non-profits, from financial losses to reputational harm. Learn how to detect, prevent, and protect your NPO from fraud vulnerabilities.
-
Confidence
December 03, 2024
Key insights from MNP's Business Owner Series webinar
See what our thought leaders had to say about Canada's economic outlook, tax policy, and strategies for mid-market businesses.
-
December 02, 2024
Oilfield business sees immediate boost in time savings with high-performance ERP solution
Founded in 2014, Solution Services has established itself as a mainstay in Canada’s oilfield sector, delivering a comprehensive experience and unique blend of mechanical, specialized fluid, and project management services.
