There are many programs available to assist businesses during COVID-19. The federal and provincial governments have announced a variety of programs ranging from wage subsidies (see our post on the 10% wage subsidy and the Canada Emergency Wage Subsidy) to emergency benefits to tax filing and payment deferrals (among other things).
The federal government has an interactive tool to help businesses identify the COVID-19 related support available to them. The online tool asks a series of questions to direct you toward the programs and services that are available to your specific business. The tool provides information on the following types of support:
Note: The following information is based on the guidance provided by the federal government. For further details see the government’s Income Tax Filing and Payment Dates
When do I have to FILE my taxes?
Individuals – June 1, 2020
Self-Employed and Spouse – June 15, 2020 (no change)
Corporations – June 1, 2020
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.