Ringo Wong, Chartered Professional Accountant & Business Valuator

The Government of Canada recently announced a further extension to the payment of individual and corporate taxes. Individuals The deadline to remit taxes for 2019 has extended to September 30, 2020. Interest and late filing penalties will be waived as long as the tax returns are filed and payments are remitted by September 30, 2020. ... The tax installments due June 15, 2020 and September 15, 2020 have also been extended to September 30, 2020. Corporations For corporations with a year-end between December 18, 2019 and June 29, 2020, inclusive, corporate tax remittance deadline has been extended to September 30, 2020. Interest and late filing penalties will be waived as long as the tax returns are filed and payments are remitted by September 30, 2020. Corporate tax installments due between March 18, 2020 and September 29, 2020 have also been extended to September 30, 2020.

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The Government of Canada has eased one of the conditions for the Canada Emergency Response Benefit (the CERB) and another for the Canada Emergency Business Account (the CEBA) CERB CERB applicants/recipients may earn up to $1,000 over a 4-week period while receiving CERB. In other words, a CERB applicant/recipient may work while receiving CERB, as long as the remuneration is $1,000 or less over a 4-week period.... In addition, if a person’s EI benefit term has come to the end but is unable to find a job due to the pandemic, he/she may apply for the CERB. CEBA For small businesses, the minimum payroll requirement to be eligible for the CEBA has been lowered to $20,000 in 2019, while the upper limit has been raised to $1.5 million.

Application for the Canada Emergency Response Benefit (the CERB) began yesterday (April 6, 2020). Each eligible CERB applicant will receive $2,000 every 4 weeks, up to 16 weeks. In other words, a reporting period covers 4 weeks, and the maximum number of reporting periods is 4. CERB is a taxable benefit. Therefore, a CERB recipient needs to report it as income on his/her 2020 personal tax return....Continue reading

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