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COVID-19 – Up to date tax information for businesses in Ontario – updated Apr-2-2020
March 23, 2020

COVID-19 – Up to date tax information for individuals in Ontario – updated Apr-2-2020

For a full listing of the federal government’s COIVD-19 Economic Response Plan please visit the Government of Canada website.

Filing deadlines

The federal government has amended filing deadlines.

Old filing deadlineRevised 2020 filing deadline
IndividualsApril 30, 2020June 1, 2020
Self EmployedJune 15, 2020No change

Tax payments deadlines

Old payment deadline on balances owingRevised 2020 filing deadline on balances owing
IndividualsApril 30, 2020Before September 1, 2020
Self Employed April 30, 2020 Before September 1, 2020

Emergency Care Benefit & Employment insurance

*** Update March 25, 2020 – the government announced that the Emergency Care Benefit and Emergency Support Benefit will be merged into the Canada Economic Response Benefit (CERB).

Canada Economic Response Benefit (CERB)

This benefit will provide a taxable benefit of $2,000 a month for up to 4 months.

If you have already applied for EI benefits and are receiving payments, you will still be processed under EI. All unprocessed applications will be transferred to the CERB program.

Availability: April 2020 but will cover the period March 15, 2020 to October 3, 2020.

Eligibility: For those that have lost their jobs, are sick, under quarantine or have to stay home because of school closures.

Link for eligibility: https://www.canada.ca/en/department-finance/economic-response-plan/covid19-individuals.html#new_canada_emergency_response_benefit

This benefit is available to those that qualify for EI and also for those that do not qualify for EI.

Link to apply for Employment Insurance: Will be available through a secure portal in April and link made available.

GST/HST credit payments

Those eligible for GST/HST credits will receive approximately $400 for single individuals and close to $600 for couples in May 2020. This is in addition to the regular amounts that may be received.

Link for eligibility: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/goods-services-tax-harmonized-sales-tax-gst-hst-credit.html

Depending on your level of income you may or may not qualify.

Link for income thresholds: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/goods-services-tax-harmonized-sales-tax-gst-hst-credit/family-income-level-where-recipient-will-no-longer-receive-gst-hst-credit.html#wb-cont

Link for payment dates of GST/HST and Ontario Trillium Benefits OTB: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/benefit-payment-dates.html#dates-otb

Tip: Ensure you file your 2019 T1 tax return as soon as possible to gain eligibility. Any outstanding previous return should be filed ASAP. Contact us for immediate assistance.

Canada Child Care Benefit (CCB)

The federal government is proposing to increase the maximum annual CCB payment amounts, only for the 2019-20 benefit year, by $300 per child.

If you are already registered for CCB, the amounts will automatically be added on to your payments. If you haven’t registered yet, please follow this link:

Link for CCB registration: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html

Link for CCB payment dates: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/benefit-payment-dates.html#dates-ccb

Registered Retirement Income Funds (RRIFs)

The government is proposing reductions in the minimum amount of withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020. This is meant to reduce the financial impact on the retirement savings of seniors by allowing for flexibility in liquidation of RRIF assets.

Robert Ng, CPA is Chartered Professional Accountant in London, Ontario specializing in Corporate Taxation and Internal Accounting.

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