COVID-19 Update

Dear SRC clients,

Sone Rovet Chasson has implemented a business continuity plan to keep our team safe, while ensuring that the service level to our clients remains uninterrupted.

You may have heard that Canada’s federal government has announced a COVID-19 Economic Response Plan which has benefits for all Canadians. One such benefit announced was the extension for the personal tax filing deadline. While this extended deadline will ease some stress to compile documentation, we are encouraging all of our clients to maintain the original filing deadline of April 30th if possible.

As part of our business continuity plan, we are still accepting all couriers to our office. As well, we are encouraging the use of uploading soft-copies of your documents to our portal, or simply sending by e-mail. If you need assistance with this, please do not hesitate to contact us.

Highlights from the COVID-19 Economic Response Plan

Please note that information made available with respect to these programs is limited at this time, so we cannot comment on certain eligibility criteria.  

  • Personal T1 tax return deadline is extended to June 1st
  • Trust and estate T3 tax returns with a year ending on December 31, 2019 deadline is extended to May 1
  • The deadline to make personal or corporate income tax payments that become owing after March 18th and before September 2020 is extended to after August 31. This applies to income tax balances due and instalment payments under Part 1 of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
  • CRA will now recognize electronic signatures as having met the signature requirements of the Income Tax Act, as a temporary administrative measure to reduce the burden of taxpayers and tax preparers meeting in person.
  • Please note there have been no changes announced with respect to the following:
    • Corporate tax return deadline to file
    • Partnership tax return deadline to file
    • GST/HST filings or payments
    • Payroll remittances
  • Additional financing support for business through the Business Development Bank of Canada (BDC) and Export Development Canada
  • Eligible small employers can apply for a temporary wage subsidy for a period of three months up to $25,000 per employer and $1,375 per employee
  • The CRA will not contact any small business to initiate any post assessment GST/HST or Income audits for the next four weeks. For those currently under audit, interaction has been temporarily suspended.
  • Temporary Income Support for Workers and Parents
    • Waiving the one-week waiting period for individuals in imposed quarantine to claim Employment Insurance (EI) sickness benefits
    • Waiving the requirement to provide a medical certificate to access EI sickness benefits
    • Emergency Care Benefit – up to $900 bi-weekly for up to 15 weeks for individuals that meet certain conditions (applications begin in April):
      • Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.
      • Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not quality for EI sickness benefits.
      • Parents with children who require care or supervision due to school closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.
    • Longer-Term Income Support for Workers
      • For Canadians who lose their jobs or face reduced hours as a result of COVID-19,
        • Emergency Support Benefit delivered through CRA to provide up to $5 billion in support to workers not eligible for EI and facing unemployment.
        • EI Work Sharing Program which provides EI benefits to workers who agree to reduce their normal working hour as a result of development beyond the control of their employers, by extending the eligibility of such agreements to 76 weeks, easing eligibility requirements, and streamlining the application process.
      • Enhanced GST credits and Canada Child Benefit. Please note that you must file your 2019 personal tax returns in order for you to receive this payment. As such, it is beneficial to file sooner rather than later if you qualify for this.
      • Other benefits that you may benefit from:
        • $305 million for a new distinctions-based Indigenous Community Support Fund to address immediate needs of First Nations, Inuit, and Métis Nation communities
        • Six-month interest-free moratorium on the repayment of Canada Student Loans for all individuals currently in the process of repaying these loans
        • Reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020, in recognition of the volatile market conditions and the impact on many seniors’ retirement savings.
        • Providing $157.5 million to the Reaching Home Initiative to continue to support people experiencing homelessness during this outbreak

Supporting women and children fleeing violence, by providing up to $50 million to women’s shelters and assault centres to help with their capacity to manage or prevent an outbreak in their facilities.

NOTE:  Due to the rapidly evolving changes with respect to the Government’s Economic Response Plan to Covid-19, please understand that any posts written in the past may not be reflective of the current applicable obligations, rights and benefits of individuals and businesses.

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