In ever-evolving circumstances, Prime Minister Justin Trudeau has announced an $82-billion stimulus package to help Canadians and businesses amid the COVID-19 pandemic. These measures aim to stabilize the economy and support Canadians facing hardships.
The announcement comes as part of Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses, which highlights relief efforts.
What Does This Mean for Taxpayers?
To support Canadians during the COVID-19 outbreak, the Canada Revenue Agency (CRA) will defer the tax filing deadline for individuals and certain trusts.
New return filing due dates:
Individuals: June 1, 2020
Trusts with a taxation year ending on December 31, 2019: May 1, 2020
However, the CRA does encourage “individuals who expect to receive benefits under the [Goods and Services Tax Credit (GSTC)] or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.”
Deferral of Income Tax Payments
Taxpayers receive further relief as the CRA will also defer any income tax amounts owing until after August 31, 2020…