COVID-19: Canada's Economic Response Plan

We hope you are doing well during these trying times.
 
We wanted to share some important information which can be found at the following link about the government's economic response plan: https://www.bakertilly.ca/en/btc/publications/taxflash-federal-government-covid-19-economic-response-plan
 
Specifically, we wanted to highlight that all taxpayers (individuals, trusts and corporations) will be able to defer the payment of any income tax amounts that become due on or after March 18, 2020 and before September 1, 2020. This relief would apply to tax balances due as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. This relief from interest or penalties does not currently apply to tax balances or installments, such as: GST or HST balance or installments, payroll deductions, Part IV tax, etc.

Should you have any specific questions, please reach out to your Partner or Manager.