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Canada to boost COVID-19 tax response

Canada to boost COVID-19 tax response

Canadian businesses may now receive additional fiscal and tax relief for business disruptions from COVID-19.

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Canadian businesses may now receive additional fiscal and tax relief for business disruptions from COVID-19. The government announced that it would increase the temporary wage subsidy to 75% of eligible remuneration (from 10%), and allow taxpayers to defer GST/HST remittances and importers to defer both customs duty and GST payments. In addition, the government will provide interest-free loans of up to $40,000 to small businesses and not-for-profits through the new Canada Emergency Business Account, among other measures. This announcement also included details on recent CRA deferrals and extensions, including that it will defer the filing deadline for partnership returns to May 1, 2020.

Download this edition of the TaxNewsFlash to learn more.

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