We’re endeavouring to provide access to various resources and information that might be helpful to all our clients and others.

The information below links to primary sources as we are aware of them.

While we are endeavouring to keep this information up to date and current, with the pace of changes that may not always be possible.

For more information, including how these measures may impact you, please contact us or give us a call at 416-931-5077.

 

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BUSINESS INFORMATION – CANADA
BUSINESS INFORMATION – USA
INDIVIDUAL INFORMATION – CANADA
INDIVIDUAL INFORMATION – USA

 

Current Deadlines

As of our latest information, the following deadlines are applicable for various tax returns to be filed or paid without penalty for the 2019/20 year which may be deferred:

Canada

  • Canadian personal tax returns – Filed by June 1, 2020
  • Canadian personal income tax balances – Paid by September 1, 2020
  • Canadian trust returns with a December 31 year-end (or one that would have given them a deadline on or before this date) – Filed by May 1, 2020
  • Canadian business taxes – Any Part I income taxes which became due after March 18, 2020 are deferred until September 1, 2020
  • HST balances which were current and due between March and June 2020 – Paid by June 30, 2020
  • Canadian charities due between March 18, 2020 and December 31, 2020 – Filed by December 31, 2020

US

  • US personal tax returns – Filed by July 15, 2020
  • US personal income tax balances – Paid by July 15, 2020

 

Business Information - Canada

Bank of Canada Rate Cut

The Bank of Canada has now lowered its overnight rate to 0.25%.

While this only directly impacts banks and other finanical institutions, it will usually indirectly benefit other businesses and individuals. 

Updated March 27, 2020, Ian Edmonds

Temporary Wage Subsidy

Please note that this program is being changed effective March 27, 2020

The Temporary Wage Subsidy is designed to reduce employer’s wage costs by reducing the remittances they have to make to CRA for payroll paid between March 18, 2020 and June 20, 2020.

This is available to most companies (CCPCs), non-profit organizations, and registered charities.

Updated March 23, 2020, Ian Edmonds

Other Canadian Corporate Taxes

As of March 27, 2020 the payment deadline for GST/HST (for all entities) that was due between March 15, 2020 and June 30, 2020 is now due June 30, 2020.

CPA Canada has asked, and had confirmed, that relief for other taxes (GST/HST, payroll taxes, Part IV, and others) is likely not expected, as these taxes are normally withheld or collected from other taxpayers.

Originally March 24, 2020, Daria Romaniello
Updated March 27, 2020, Ian Edmonds

Business Information - USA

Extension Granted by IRS

The IRS has granted an automatic extension until July 15, 2020, for all returns with an original due date of April 15, 2020.

The additional time is allowed for both filing and payment of tax owed. No interest or penalties will be assessed before July 15.

Updated March 23, 2020, Amy McKenzie

State Filing Deadlines

While most states are expected to mirror the federal extension from April 15th to July 15th, they are not always in sync.

In addition, the state extension may also apply to property tax, sales tax and other local taxes.

Updated March 24, 2020, Nalini Ramki

Individual Information - Canada

Consolidated Program and Information Guide

Assoicate Professor Jennifer Robson has provided this guide of information for both tax credits and also other programs that are available to Canadians.

While we have not directly verified the information, Dr. Robson provides sources for the information available.

Updated April 1, 2020, Ian Edmonds

Bank of Canada Rate Cut

The Bank of Canada has now lowered its overnight rate to 0.25%.

While this only directly impacts banks and other finanical institutions, it will usually indirectly benefit other businesses and individuals. 

Updated March 27, 2020, Ian Edmonds

GST/HST Credit Changes

Anyone receiving the GST/HST quarterly credit will receive additional benefits as part of the May payments.

Updated March 27, 2020, Ian Edmonds

Emergency Response Benefit

The Emergency Response Benefit was announced. This is meant to replace the Emergency Care Benefit and the Emergency Support benefit. It will provide $2,000 for four months of income. It is designed for people who have lost their income due to job loss (including contract employees and self employed persons), people who are ill or caring for the ill, people caring for their kids (who lost income), and people who are still employed but without income.

They will be launching soon (early April) and once an application is received, they hope to have benefits be received within 10 days.

Updated March 25, 2020, Tara McElmurry

Canada Child Benefit

Canda Revenue Agency to provide a top-up of $300 per child on top of what you receive as part of the normal May payment.

Updated March 24, 2020, Ola Adeyemi

CRA's My Account

CRA’s My Account Service is not a new service, but it will be used to roll out benefits that are being offered.

Signing up can take time, and the system is likely to become more congested as more people look to sign up.

If you are planning to access any of the personal benefits being introducted, you are encouraged to sign up for this program.

Updated March 31, 2020, Ian Edmonds

Canada's Consolidated Plan

The Government of Canada has consolidated many of their responses here.

Updated March 27, 2020, Ian Edmonds

Reduced RRIF WIthdrawal Amounts

Registered Retirement Income Funds (RRIF) have minimum annual withdrawal amounts.

Those minimum withdrawals have been reduced for the 2020 calendar year.

Updated March 27, 2020, Ian Edmonds

Employment Insurance Sickness Benefit

Improved Access to Employment Insurance Sickness Benefit is intended to provide Canadians without paid sick leave with easier access to EI.

Individuals who are sick or must stay home to care for children can have the requirement to provide a medical certificate waived in order to more easily access EI sickness benefits.

Updated March 23, 2020, Kwesi Opoku

Individual Information - USA

Expanded Unemployment

Benefits will vary by state due to differences in plans.  The Federal plan provides the following:

  1. Expands who is covered to include independent contractor and self-employed individuals unable to work due to COVID-19.
  2. Provides up to an additional $600 per week to any State benefits you might receive.
  3. Provides states funding to waive one-week of waiting periods for unemployment. (please check the specifics for your state)
  4. Extends benefits for an additional 13 weeks.
  5. Provides funding to “short-time compensation” programs, to allow for prorated unemployment benefits for individuals who have had their hours cut due to COVID-19.

Please check with your state’s unemployment program for your state specific information.  The full legislation can be found here.

Updated April 1, 2020, Tara McElmurry

Stimulus Bill Details

This is a great article that shows the tax rebate amounts that you could expect based on your filing status and income under the stimulus package issued by the IRS. 

The IRS will use your 2019 tax return (if already filed) otherwise will use the 2018 tax return to determine the amount.

Be aware that the stimulus payments are based on your 2020 income. If it’s over certain thresholds, you may not qualify, or may have to repay amounts you received.

Updated March 30, 2020, Nalini Ramki

Extension Granted by IRS

The IRS has granted an automatic extension until July 15, 2020, for all returns with an original due date of April 15, 2020.

The additional time is allowed for both filing and payment of tax owed. No interest or penalties will be assessed before July 15.

Updated March 23, 2020, Amy McKenzie

Direct Deposit for Stimulus Payments

If you have not yet filed your 2019 taxes, or have not provided your direct deposit information to the IRS, they will be opening a site in coming weeks to allow you to provide this information.

Updated April 1, 2020, Ian Edmonds

State Filing Deadlines

While most states are expected to mirror the federal extension from April 15th to July 15th, they are not always in sync.

In addition, the state extension may also apply to property tax, sales tax and other local taxes.

Updated March 24, 2020, Nalini Ramki

Families First Coronavirus Response Act

The Families First Coronavirus Response Act has been passed to provide support for both employers and employees in the United States.

It requires employers to grant employees paid leave under certain conditions. In addition, it contains provisions for reimbursing employers, through the use of tax credits, for providing such leave.

The law also provides some relief to self-employed taxpayers.

Updated March 23, 2020, Amy McKenzie