Covid-19 Changes and Your Income Tax/Gst Return
April 8th, 2020
Posted in: Tax
Because of the COVID-19 pandemic crisis, the Canada Revenue Agency (CRA) has made some changes to the income tax and GST filing dates for this year. The due date for filing personal income tax returns has been extended to June 1, 2020. Taxpayers will have until August 31, 2020 to pay any income tax amounts owed.
You Can Still File Immediately
The date for filing income tax returns has been extended, but if you are expecting a refund, there is no reason not to do your income taxes now. Indeed, if you expect a Goods and Services Tax Credit (GSTC) benefit, or the Canada Child Benefit, you should file as soon as possible to prevent any possible delays of these payments.
Budget for Any Taxes Owed
If you expect to owe income taxes, income tax payments are deferred until August 31, 2020, but getting your taxes done now will let you know what your tax bill will be so you can budget for it.
GST Payments Due Still April 30th
The filing deadline for GST will depend on your filing period, but most annual filers will have their filing deadline moved to June 15th. Your GST payment would now be due by June 30th, per the CRA website.
Electronic Signatures Now Accepted
An interesting note – “In order to reduce the necessity for taxpayers and tax preparers to meet in person during this difficult time, and to reduce administrative burden, effective immediately the Canada Revenue Agency will recognize electronic signatures as having met the signature requirements of the Income Tax Act, as a temporary administrative measure. This provision applies to authorization forms T183 or T183CORP, which are forms that are signed in person by millions of Canadians every year to authorize tax preparers to file taxes.” (https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Flexibility_for_Tax-filers)
This means that you will not have to come into our offices in person at all to have us do your taxes for you – an electronic signature will be accepted by the CRA as your official declaration that you authorize Shaw & Associates to file your taxes for you.
Let Us Help You Sort This All Out
Things are changing on an almost daily rate right now, so if you’re having any confusion about what to do with your taxes, GST return, or any other financials, please give us a call at Shaw & Associates so we can keep all of your deadlines sorted out.
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.
The CFIB COVID-19 business information referral page -
The Government of Canada income tax page - https://www.canada.ca/en/services/taxes/income-tax.html
CPA Canada website - https://www.cpacanada.ca/en/members-area/profession-news/2020/march/cra-covid19-updates
COVID-19 Update video from the Chartered Professional Accountants Canada group - https://www.youtube.com/watch?v=ws0r_ocdzHg