Our Blog - Segal Insider

2019 Tax Year Filing Deadlines

Individual Deadlines

  • Filing for the 2019 tax year: June 1, 2020
  • Payment for the 2019 tax year: September 1, 2020

Self-Employed and their spouse or common-law partner

  • Filing for the 2019 tax year: June 15, 2020
  • Payment for the 2019 tax year: September 1, 2020
    • Includes the June 15, 2020 instalment payments for those who have to pay by instalments

Corporations

  • Filing for the current tax year: June 1, 2020
    • Applies to corporations that would otherwise have a filing due date after March 18 and before June 1, 2020
  • Payment for current tax year: September 1, 2020
    • Applies to balances and instalments under Part 1 of the Income Tax Act due on or after March 18 and before September 1, 2020

Trusts

  • Filing date for current tax year (including the associated T3 information return)
    • May 1, 2020 – applies to trusts with a tax year end date of December 31, 2019
    • June 1, 2020 -applies to trusts that would otherwise have a filing due date in April or May
  • Payment date for current tax year: September 1, 2020
    • Applies to income tax balances and instalments due on or after March 18 and before September 1, 2020

Charities

  • Filing date: December 31, 2020
    • Applies to charities with Form T3010 due between March 18, 2020 and December 31, 2020
  • Payment date: N/

Part XIII Non-Resident Tax

  • Filing date for the 2019 NR4 information return: May 1, 2020
  • Payment date: The 15th of each month following an amount paid or credited by residents of Canada to non-resident persons

Payroll Remittances

Information Returns

  • Filing date for the 2019 T5013 Partnership Information Return: May 1, 2020
  • Filing date for the 2019 NR4, Statement of Amounts Paid or Credited to Non-Residents of Canada information return: May 1, 2020
  • Other information returns: June 1, 2020
    • Applies to other information returns that would otherwise be due after March 18, 2020, and before June 2020
Note: we will continue to follow announcements from the government and Canada Revenue Agency (CRA) regarding deadline alterations, should there be any more changes. We will update this post if anything changes.

For now, this post is accurate as of March 31, 2020.

Tags

Work-Sharing Program Info

Work-Sharing (WS) is an adjustment program offered by the Canadian federal government. The goal of the program is to help employers avoid laying off their employees when an unforeseen circumstance, outside of the employer’s control, bring a temporary halt or reduction to work. The WS helps to provide income assistance to employees eligible for Employment Insurance (EI) benefits for the duration of the reduced work period until the employer is able to recover and resume their business as usual.

Essentially, the WS exists as a three-way agreement between the employer, employees and Service Canada. The employees under the plan must work a reduced schedule and even split the available work over a specific period of time until the business is viable enough to continue normal operations.

For more information on the program and/or to register, please use one of the links below.

Tags

Announcement: HST Payments

The Minister of National Revenue has made an announcement regarding HST Payments. They are extended to June 30, 2020.

The Minister of National Revenue will extend until June 30, 2020, the time that:
  • Monthly filers have to remit amounts collected for the February, March and April 2020 reporting periods;
  • Quarterly filers have to remit amounts collected for the January 1, 2020 through March 31, 2020 reporting period; and
  • Annual filers, whose GST/HST return or instalment are due in March, April or May 2020, have to remit amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year.
There are currently no deferral of REPORTING. These must still be filed on time.

Tags

Canada Emergency Response Benefit

The Canadian government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This new measure is a taxable benefit that could provide $2,000 a month, up to four months, for workers who have lost income as a result of COVID-19. The CERB is intended to be a more efficient combination of the previously announced Emergency Care Benefit and Emergency Support Benefit.

The CERB will cover Canadians who have lost their job, are sick, quarantined, and/or taking care of someone who is sick with COVID-19. It will also apply to working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures. The CERB will apply to wage earners, contract workers and self-employed individuals who would not otherwise be eligible for Employment Insurance (EI).

Tags

Ontario Mini Budget

The Ontario government announced their 2020 budget on Wednesday. With the current economic and social climate induced by COVID-19, this version of the budget is more limited than traditional budget announcements.

The provincial government may announce a more robust outline of the province’s spending for the year at a later date but, for now, a limited plan has been put forward.

Here are the highlights for both businesses and personal spending:

Some Key Points For Businesses

Employer Health Tax
The government is proposing a temporary increase to the Employer Health Tax (EHT) exemption from $490,000 to $1 million for 2020. Eligible private-eligible private sector employers with annual payrolls up to $5 million would be exempt from EHT on the first $1 million of total Ontario remuneration in 2020. The maximum EHT relief from the exemption would increase by $9,945 to $19,500 for 2020 for eligible employers.  The exemption would return to its current level of $490,000 on January 1, 2021.

Regional Opportunities Investment Tax Credit
To support business investment in regions of the province where employment growth has been significantly below the provincial average, Ontario is proposing a new 10 per cent refundable Corporate Income Tax credit. The Regional Opportunities Investment Tax Credit would be available to eligible businesses that construct, renovate or acquire qualifying commercial and industrial buildings in designated regions of the province, saving them up to $45,000 in the year.

$1.9 Billion in Workplace Safety Expenses Working in conjunction with the government of Ontario, the Workplace Safety and Insurance Board (WSIB) will allow employers to defer payments for a period of six months.

This will provide employers with $1.9 billion in financial relief.  All employers covered by the WSIB’s workplace insurance are automatically eligible for the financial relief package.

Schedule 1 employers with premiums owed to the WSIB will be allowed to defer reporting and payments until August 31, 2020. The deferral will also apply to Schedule 2 businesses that pay WSIB for the cost related to their workplace injury and illness claims. In addition, no interest will be accrued on outstanding premium payments and no penalties will be charged during this six‐month deferral period.

Some Key Points For Individuals

Parents
To help parents pay for the extra costs associated with the closure of schools and daycares during  the COVID‐19 outbreak, the government is providing a one‐time payment of $200 per child up to  12 years of age, and $250 for those with special needs, including kids enrolled in private schools.

Seniors
The Province is proposing to double the Guaranteed Annual Income System (GAINS) maximum payment for low‐income seniors, for six months starting in April 2020. This would increase the maximum payment to $166 per month for individuals and $332 per month for couples.

Tags