Over the last few weeks, the Federal Government announced they
would be providing an emergency response package for Canadians and
Canadian businesses. The package is intended to help with business
liquidity in the short term.
To support Canada's economy and Canadian businesses, the
Government has announced several measures including the following
which we believe will be most relevant to our clients.
Deferrals offered by the CRA:
- Income tax amounts owed by
individuals and businesses are deferred to August 31, 2020. The
amounts eligible for deferral are those owing between March 18 to
September 2020. This relief applies to tax balances due, as well as
instalments, under Part I of the Income Tax Act. No
interest or penalties will accumulate on these amounts during this
period. This will apply to income taxes only – being income
tax installments and any income tax
