COVID-19 Tip #4: Deferral of Certain Tax Payments

Note: The following information is based on the guidance provided by the federal government. For further details see the government’s Frequently Asked Questions, Backgrounder and Deferral of GST/HST Tax Remittances

What payments can I defer?

Income tax, GST/HST and customs duties can be deferred.

Income tax amounts that become owing by a business between March 18, 2020 and September 2020 can be deferred until August 31, 2020.  This applies to tax balances due, as well as instalments, under Part I of the Income Tax Act.

GST/HST and customs duties can be deferred by businesses, including self-employed individuals, until June 30, 2020.

The deferral applies to:

  • GST/HST remittances for the February, March and April 2020 reporting periods for monthly filers;
  • GST/HST remittances the January 1, 2020 through March 31, 2020 reporting period for quarterly filers; and
  • for annual filers, the amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year.

For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May.

Where can I find more information on financial support?

Check out the federal government’s Coronavirus information page and in particular, financial support for business.

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