Deferral of Income Tax Payment & Extended Filing Deadline
Tax filing deadline for individuals will be extended to June 1 and all taxpayers allowed to defer until after August 31, 2020 payment of income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments. No interest or penalties will accumulate on these amounts in this period. Individuals who expect to receive benefits under the GSTC or Canada Child Benefit should not delay the filing of their return to ensure they receive entitlements for the 2020-21 benefit year properly.
Business Deferral of Income Tax Payment
Allow all businesses to defer payment of income tax that becomes owing on or after today and before September 2020, until after August 31, 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. This measure will result in businesses having more money available during this period.
Support for businesses –Deferred Tax Payments
The province said it is extending tax filing and payment deadlines for a number of taxes until Sept. 30, including:
- Municipal and regional district tax.
- Tobacco tax.
- Motor fuel tax.
- Carbon tax.
Effective immediately, businesses with a payroll over $500,000 can defer their employer health tax payments until the end of September. (Businesses with smaller payrolls are already exempt from paying the tax.)
The government is also postponing a number of new taxes and increases on existing taxes, originally set for April 1.