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Protect your short-term cash flow: More time to file your taxes and make payments

Today we’re focusing on programs that will help protect your short-term cash flow so that you can continue to operate your business. 

As part of the COVID-19 Economic Action Plan, the government has provided businesses with delayed and deferred payment options for income tax, and GST/HST remittances.

Outlined below are the new deadlines and program details.

Deadline extensions

  • Individuals have until June 1, 2020, to submit their income tax return.
  • For trusts (having a taxation year ending on December 31, 2019), tax filing is deferred until May 1, 2020. 

Income Tax Payment Deferral 

Individuals and businesses will be able to defer their income tax payment (for taxes owed between March 18, 2020 and September 2020) until after August 31, 2020. 

Payment deferral for GST/HST remittances

Businesses will have until June 30 to remit GST/HST due to the government. This applies to 

  • Monthly filers for amount collected in February, March and April for
  • Quarterly filers for amount collected between January 1 and March 31.
  • Annual filers, whose GST/HST return or instalment are due in March, April or May 
  • No interest will apply if your payments or remittances are made by the end of June 2020.

Full program details are available here.