Covid 19 – Delayed Dates for Taxes and Installments

 

Why this message to you today?  The Federal and Provincial Government (Manitoba) have provided the opportunity to delay income tax filings and the payment of other installments.

 

More Specifically:  (source: I have drawn this information from Federal Government website).

  • Tax Returns for Individuals:  The filing due date for 2019 income tax returns for individuals has been deferred from April 30th to June 1, 2020. Any new income tax balances due, or installments, are also being deferred to September 1st without incurring interest or penalties.  If you expect to receive benefits under the Goods and Services Tax Credit or the Canada Child Benefit, it may be best to file your return as early as you can.

  • Tax Returns for the Self-Employed:  This date remains unchanged from previous years.  Returns must be filed by June 15th but installments can be delayed until September 1st.

  • Manitoba:  The provincial government has announced assistance for small and medium-sized businesses in the form of extended tax filing deadlines for those with monthly remittances of less than $10,000. Businesses are also being given up to two additional months to remit retail sales taxes and the Health and Post-Secondary Education Tax Levy.

 

In most instances the filing deadline and the installment payment deadline has been extended.  For detail on these changes go here:  https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html

 

For more information on all of the components of the Government of Canada Economic Response Plan you can go here: https://www.canada.ca/en/department-finance/economic-response-plan.html

 

"IMPORTANT DISCLOSURES: The comments above are for information purposes only and do not constitute specific financial advice regarding your specific situation. Please consult a professional financial advisor who is familiar with your personal situation before acting on any information presented above. Every effort has been made to ensure this information is presented responsibly and accurately. However, important details may have been missed or these details may have changed since the publication of this note. All facts and opinions noted above must be reviewed to ensure their accuracy is still relevant based on today’s specific situation, whatever that may be. Nelson Financial Planning Corp is not responsible for any action you take regarding this information."