Ontario businesses may be eligible for new tax relief to mitigate the impact of continuing COVID-19 related public health measures. Ontario says it will provide businesses with a six-month interest- and penalty-free period for most provincially administered taxes from January 1, 2022 to July 1, 2022. This new relief was announced on December 22, 2021.
The province's tax relief is in addition to certain non-tax relief for eligible businesses subject to closure or capacity restrictions under the province's health measures.
Interest and penalty relief for certain provincial taxes
Ontario announced that businesses will have a six-month interest- and penalty-free period for most provincially administered tax payments and related returns due between January 1, 2022 and July 1, 2022. This relief applies to the following provincially administered taxes:
- Employer health tax
- Beer, wine & spirits taxes
- Tobacco tax
- Insurance premium tax
- Fuel tax
- International fuel tax agreement
- Gas tax
- Retail sales tax on insurance contracts & benefit plans
- Mining tax
- Race tracks tax.
For details, contact your KPMG adviser.
Information is current to January 10, 2022. 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