We encourage you to file your income tax and benefit return electronically and as early as possible before June 1, 2020, to make sure your benefits and credits are not interrupted.
Do you have EI enquiries regarding COVID-19?
Tax Deadline and Payment Deadline Changes
Individuals - The deadline to file your income tax and benefit return will be deferred until June 1, 2020.
The deadline to pay any balance due for your individual income tax and benefit return for 2019 has been extended from April 30, 2020, to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.
Self -employed and their spouse or common law partner - For self-employed individuals or those who have spouses or common-law partners that are self-employed, the deadline to pay any balance due for your individual income tax and benefit return has been extended from April 30, 2020, to September 1, 2020.
Corporations - The deadline for corporations to pay any income tax amounts that become owing or due after March 18, 2020 and before September 1, 2020 has been extended to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.
GST/HST - The deadline to file returns remains the same. Payments that would have been due starting March 27, 2020 and up to the end of June 2020 are due by June 30, 2020.
WCB - The Government of Alberta has recently announced new measures to provide financial support to help employers through the challenges of the global COVID-19 pandemic.
These measures include a deferral of 2020 WCB premium payments for all private sector employers until 2021. When invoicing resumes in 2021, small and medium-sized employers (those with $10 million or less in insurable earnings) will only be required to pay 50 per cent of their 2020 premiums – the other 50 per cent will be paid by the Government of Alberta.
Wage Subsidy Programs:
75% Wage Subsidy - determine first if you qualify:
You have a private Canadian company and you have experienced at least a 30% reduction in revenue invoiced compared to the same month in the prior year (compare March 2020 to March 2019, and so on)
If you think you qualify, pay the full amount of wages to your employees
Wait for an application process to be launched and funds will be available by approximately mid-May for March subsidies
You need to have a "My Business" account set up with the Canada Revenue Agency to apply online
You will need to re-apply each month that you qualify
If you do not believe that you qualify for the 75% subsidy or you cannot wait for funds, consider the 10% Wage Subsidy:
All of our clients who have small businesses will qualify for the 10% subsidy
Each corporation in an associated group is entitled to the subsidy
Starts for payroll periods including March 18 and ending on June 20
You can reduce your payroll remittance by a maximum of 10% of gross wages or the income taxes owing, whichever is greater (excludes CPP and EI payments)
If the subsidy is more than the income tax owing, you can carry forward the amount to the next period
Neither subsidy applies for contractor payments
Both subsidies will be taxable when the tax return is filed
Canada Emergency Response Benefit (CERB)
As an individual you may be entitled to up to $2,000 per month if you are unable to work due to COVID-19