The CRA has extended the income tax deadline to August 31, 2020, for businesses providing them with increased liquidity in this period. The current economic conditions are uncertain, which might very well result in a tightening of credit conditions. The COVID-19 lockdowns are bound to have a massive impact on businesses. The deadline for self-employed taxpayers has been extended to June 15, 2020. It will also “allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.” These reliefs would apply to tax balances due as well as installments.įurther, CRA will not charge any interest or penalties on these amounts during this period, allowing households to have more money during the ongoing turbulent time. The CRA has extended the tax-filing deadline for individuals to June 1, 2020. Deadline extension for individuals filing taxes This will be done by providing $27 billion in direct support to Canadian businesses and workers and $55 billion via tax deferrals to help the liquidity needs of businesses and households. The Canadian government will pump $82 billion into the domestic economy. Prime Minister Justin Trudeau and the Canada Revenue Agency (CRA) have announced a slew of measures to help businesses and individuals get through the impact of the dreaded COVID-19 pandemic. Happy diverse people together in the park
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