The Latest at Baker Tilly Windsor
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Office closure and moving to a virtual approach
Our firm, our staff and our families are fully committed to physical distancing, but we also want to remain social with our clients, co-workers and friends. This message is a follow-up to our original message; we would like clients to be aware that effective Monday, March 23, the office will be closed.
Update from IRS regarding federal tax payments due to COVID-19
On March 18, 2020, the IRS issued Notice 2020-17 deferring federal income tax payments due on April 15, 2020 to July 15, 2020. This notice was superseded on March 20, 2020 by Notice 2020-18 which expanded the relief measures.
Supporting investment in zero-emission vehicles
The 2019 federal budget introduced two new capital cost allowance classes (class 54 and class 55) providing an accelerated write-off of 100 per cent of the purchase price for new zero-emission vehicles purchased on or after March 19, 2019, and made available for use before 2024. This accelerated write-off is to be phased out between 2024 and 2028, and the write-off of zero-emission passenger vehicles is capped at $55,000 per vehicle.
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Temporary wage subsidy for employers
Updated as of March 30, 2020: Prime Minister Trudeau announced changes subject to further details to be released by the Department of Finance.
ON Economic and Fiscal Update
On March 25, 2020, the Ontario government delivered the province’s economic and fiscal update. The update also indicates the province intends to deliver a multi-year Ontario budget no later than November 15, 2020.
Federal government COVID-19 economic response plan
On March 18, 2020, the federal government made an announcement to postpone the due date of certain 2019 tax filings as part of their COVID-19 economic response plan.
SR&ED tax credit updates
The SR&ED tax credit program was implemented 35 years ago in an effort to keep Canadian businesses competitive and growing. Since then, there have been numerous legislative changes and tweaks. Here’s a look at SR&ED in 2020 and beyond, and what the recent modifications could mean for your business.
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Our response to COVID-19
As each day passes, our communities, our country and our world are facing unprecedented challenges to keep our people and our businesses healthy.
Additional measures from the CRA
The Canada Revenue Agency (CRA) has announced additional measures on March 26, 2020 in regard to the extension of tax reporting deadlines. These measures are in addition to the income tax filing and payment deadline extensions previously announced as part of the fiscal measures taken in response to COVID-19.
Taking relief measures – new QC tax deadlines
On March 17, 2020, the Québec government made an announcement to postpone the due date of certain 2019 tax filings, as well as certain 2019 and 2020 tax payments. This announcement was followed by a subsequent announcement on March 18, 2020, harmonizing Revenu Québec’s practices with those of Canada Revenue Agency.
Canadian tax fact sheets
If you want to take a closer look at tax rates in Canada, you’ve come to the right place. The following fact sheets offer a convenient comparison of relevant tax rates from every Canadian province and territory.
