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CRA — Benefit payments to continue until September

CRA — Benefit payments to continue until September

The CRA is extending eligible payments of GST/HST credits & Canada Child Benefits

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The CRA has announced that individuals currently receiving the GST/HST credit or Canada Child Benefit payments will continue to receive these payments until the end of September 2020, even if their 2019 personal tax return has not yet been assessed. Taxpayers whose 2019 returns have not been assessed in time to calculate benefit or credit amounts for the July to September period may continue to receive these payments based on information from their 2018 tax return, according to a news release issued May 15, 2020.

This extension is intended to accommodate the extended filing deadline for 2019 personal tax returns to June 1, 2020.

However, individual taxpayers whose 2019 tax returns are not received and assessed by early September 2020 will cease receiving their estimated benefits or credits in October 2020. Such taxpayers will also have to repay the estimated amounts that were issued to them starting in July 2020.

As a result, the CRA encourages individuals to ensure they file their 2019 tax return by the recently extended June 1, 2020 deadline.

Background

This extension is in addition to previous enhancements to the GST/HST credit and Canada Child Benefit including:

  • A temporary increase to the Child Care Benefit up to $300 for May 2020
  • A one-time enhancement to the GST credit effectively doubling the original GST credit available to individuals for the 2019-2020 benefit year.
    For more information, contact your KPMG advisor.

Information is current to May 19, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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