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The current pandemic has changed the lives of Canadians in innumerable ways, and the tax system has not been exempt from those changes. In fact, since we are currently in what would in normal circumstances be the peak of the filing, payment and return processing season, the usual tax-related obligations which apply to both individuals and businesses have been altered or extended in a number of ways to accommodate current realities.
In addition to providing extensions of time with respect to filing and payment obligations, the federal government has increased a number of benefits which are delivered, at least in part, through the tax system. As well, new benefits intended to mitigate the economic impact of the pandemic have been created.
This issue of the Newsletter summarizes the changes and new programs which affect both individuals and businesses in Canada. As is the case with most things right now, each of these is subject to change as the federal government determines what is needed as the situation evolves. The information below is current to April 1, 2020 and more information on these changes and any future ones can be found on the government of Canada website at https://www.canada.ca/en/department-finance/economic-response-plan.html.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.