Here is the latest update on tax measures:
Federal Updates:
- Today, in Prime Minister Trudeau’s speech, he announced that the Canada Emergency Business Account that provides eligible small business and non-profit organizations with an interest-free loan of up to $40,000 would loosen their criteria and thresholds. Businesses who have paid $20,000 up to $1.5 million in payroll in 2019 will be eligible for the loan. See link.
- The federal government has also introduced the Canada Emergency Commercial Rent Assistance (CECRA) program. Working in conjunction with the provinces, this program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.
- On April 15, 2020, Finance Minister Bill Morneau announced that the government will provide immediate, temporary relief to sponsors of federally regulated, defined benefit pension plans. This relief will be in the form of a moratorium, through the remainder of 2020, on solvency payment requirements for defined benefit plans. See link.
CRA updates:
- The CRA has announced new filing deadlines for information returns under Part XVIII and Part XIX of the Income Tax Act.
| Form | Deadline |
| Filing date for information returns under Part XVIII and Part XIX of the Income Tax Act | September 1, 2020 |
| 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, elections, designations and information requests | June 1, 2020 (Unless otherwise noted, applies to other information returns, elections, designations and information requests that are due after March 18, 2020, and before June 2020.) |
For complete summary as of Apr 15, please see: