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CRA is extending the payment due date for current year individual, corporate, and trust income tax returns, including installment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. This includes the late-filing penalty as long as the return is filed by September 30, 2020. The CRA is also waiving interest on existing tax debts related to individual, corporate,... and trust income tax returns from April 1, 2020, to September 30, 2020 and from April 1, 2020, to June 30, 2020, for goods and services tax/harmonized sales tax (GST/HST) returns. The previously extended filing due dates for individual, corporate, and trust income tax returns remain unchanged. However, recognizing the difficult circumstances faced by Canadians, the CRA will not impose late-filing penalties where a current year individual, corporation, or trust return is filed late provided that it is filed by September 30, 2020.

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Basic Canada Emergency Wage Subsidy (CEWS) The CEWS is based on the number and type of employees you have, and the amount and type of pay they received before and during the COVID-19 crisis. The basic maximum is $847 per week. This will generally be the amount for employees who earn $1,129.33 a week or more.... For employees who earn less than $1,129.32 a week, the amount of the CEWS subsidy is generally 75% of the employee's weekly pay. Employers are also eligible for a subsidy of up to 75% of salaries and wages paid to new employees. Special rules apply in certain situations, including for "non-arm's length" employees. In general terms, these are employees such as the business owner or his or her family members. For these employees, the CEWS is limited to the least of the following amounts: -75% of "baseline remuneration" (in general terms, average weekly pay for the employee during the period January 1, 2020 to March 15, 2020) -$847 -the amount of eligible remuneration paid for the week #taxation #tax #accounting #taxes #taxseason #accountant #finance #taxrefund #business #taxreturn #taxpreparer #incometax #bookkeeping #gst #accountingservices #taxplanning #payroll #taxprofessional #taxtips #covid19 #covid19relied #directoroffinance #controller #payroll

Prime Minister Justin Trudeau has announced Canada Emergency Commercial Rent Assistance It will lower rent by 75 per cent for small businesses that have been impacted by COVID-19. It is meant to help small businesses cover their rents for April, May, and June. The businesses eligible for this rent relief are those that have to pay less than $50,000 per month in rent, have had to temporarily cease operations, or have experienced at least a 70 per cent drop in pre-COVID-19 reve...nues. The program is also being made available to non-profits and charities. The program will provide forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments. The loans will be forgiven if the property owner agrees to reduce eligible businesses’ rent by at least 75 per cent for the three months. The businesses renting their space would still be required to pay up to 25 per cent of their monthly rent. #taxation #tax #accounting #taxes #taxseason #accountant #finance #taxrefund #business #taxreturn #taxpreparer #audit #incometax #bookkeeping #gst #accountingservices #taxplanning #payroll #taxprofessional #taxtips #covid19 #covid19relied

Canada Emergency Student Benefit as was just announced by PM $1250/month MayAug for post secondary student students *$1750/month MayAug if also a caregiver *govt to create 76K summer jobs... *Extend grad scholarships, fellowships * Canada Student Service Grant for Covid volunteers 1K - 5K depending on hours. * Government grants will be doubled for the 2020/2021 school year https://skysmartaccounting.com/ #taxation #tax #accounting #taxes #taxseason #accountant #finance #taxrefund #business #taxreturn #taxpreparer #audit #incometax #bookkeeping #gst #accountingservices #taxplanning #payroll #taxprofessional #taxtips

Tax paperwork isn't it time you scheduled an appointment to get unburied with SkySmart Accounting? #taxation #tax #accounting #taxes #taxseason #accountant #finance #taxrefund #business #taxreturn #taxpreparer #audit #incometax #bookkeeping #gst #accountingservices #taxplanning #payroll #taxprofessional #taxtips

Prime Minister Justin Trudeau has announced more flexible rules for claiming the Canada emergency response benefit (CERB) Seasonal workers and those who have recently run out of employment insurance will also now be eligible for CERB. People who make less than $1,000 a month due to reduced work hours will also qualify. He also announced a wage boost for essential workers who make less than $2,500 a month, including those working in long-term care facilities.... #cdntax #incometax #taxpreparation #taxes #tax #taxchanges #cra #smallbiz #cdnbus #t1 #covidcanada #appreciate #accounting #bookkeeping

To support Canadian businesses in the current extraordinary circumstances, the Minister of National Revenue will extend until June 30, 2020 the time that: Monthly filers have to remit amounts collected for the February, March and April 2020 reporting periods Quarterly filers have to remit amounts collected for the January 1, 2020 through March 31, 2020 reporting period... Annual filers, whose GST/HST return or instalment are due in March, April or May 2020, have to remit amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year #cdntax #incometax #taxpreparation #taxes #tax #taxchanges #cra #smallbiz #cdnbus #t1 #covidcanada #appreciate #accounting #bookkeeping

Income tax filing and payment dates for 2020 Penalties and interest will not be charged if the deferred payment requirements are met by September 1, 2020. Penalties and interest relief will be considered on a case-by-case basis for income tax balances that are not covered by the COVID-19 relief provisions described below. Note: some taxpayers may have received a Notice of Assessment that says the deadline for payment is April 30, 2020, which is incorrect.... Individuals Due dates Filing date for 2019 tax year June 1, 2020 extended Payment date for 2019 tax year September 1, 2020 extended Includes the June 15, 2020, installment payment for those who have to pay by installments. #cdntax #incometax #taxpreparation #taxes #tax #taxchanges #cra #smallbiz #cdnbus #t1 #covidcanada #appreciate #accounting #bookkeeping