Summer is here and we've experienced some wild weather and a mix of temperatures. It's 33 as I sit here updating this. So far no snow this month (just hail) but we still have a few more days so who knows.
Our various levels of governments continue to tweak and add programs to the COVID 19 reponse.
Income Tax Payment Deadlines
Extended to September 30
CRA Income tax payment deadlines have again been extended, this time to September 30,2020. The new payment due date applies to individual, corporate and trust income taxes returns, including instalments payments. The CRA is also waiving arrears and interest that would have accumulated between April 1, 2020 and September 30, 2020 on certain income tax debts related to individual, corporate and trust income tax returns. Similar relief on arrears interest on existing tax debts for GST returns from April 1, 2020 - June 30, 2020.
In addition, the CRA says it will not impose penalties and interest (including late-filing penalties) if taxpayers file their personal income tax return AND make their tax payments by September 30, 2020.
Alberta
Alberta businesses with corporate income tax balances that become owing on or after March 18, 2020 or instalment payments coming due between March 18, 2020 and August 31, 2020, can defer making these payments until August 31, 2020.
Canada Enacts Wage Subsidy
Extension and Enhancements
There are once again new changes to the Canada Emergency Wage Subsidy (CEWS) program. This temporary subsidy has been extended to November 21, 2020 (the government has said the subsidy will continue until December 19, 2020) and changes expand the eligibility to employers who do not meet the previous 30% revenue threshold and updated the calculation so that the subsidy now consists of a "base" and "top-up" amount.
The revised rules are complex and as of today the CRA website and application link has not been updated for the revisions. The changes apply for the new period 5 (July 5 – Aug 1), period 6 (Aug 2 – Aug 29), period 7 (Aug 30 – Sep 26), period 8 (Sep 27 – Oct 24) and period 9 (Oct 25 – Nov 21).
If you are unsure of what is due when, please give us a call so we can review your particualr situation.
We have stopped sending sensitive information out through email for security reasons. Too many cases of privacy breaches have been reported. This includes anything with names, addresses, SINs, financial information, etc. The Office of the Privacy Commissioner of Canada has new mandatory reporting requirement where ANY breaches of security safeguards have occurred, even for small businesses.
In response, we have initiated a secure Canadian based portal which can be used by both of us to transmit any such information. On our first occurrence, we will be sending you an email asking you to setup your own personal password for a portal that will be accessible only by you and our firm. Once established there is a link at the bottom of my home page to access your portal. There you can send us your information or download what we have provided for you. If you need a portal before we get to you please send me a request and we’ll start the process.
2020 2nd Quarter Tax Tips & Traps
If the attached documens raises any flags or questions, please call or come in and see me so we can review your particular situation.
Referrals are my primary mode of growth. If you're pleased with the service level you receive, please pass on my name. If displeased, please let me know.
If there is anything we can do for you, please give us a call.
403-938-2666 or Brent@rbdriscoll.ca
SUMMER HOURS
Monday - Thursday 8:30 am - 5:00 pm
(closed @ noon for a hour)
Fridays 8:30 am - Noon
In case of emergency please call me at (403) 818-7570
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