It is often said that the only things certain in life is death and taxes. Let’s add a third – food.
There have been many announcements made by the federal government since March 18, 2020 to provide tax relief and economic incentives to Canadian taxpayers. We have captured some of the specific details relating to tax filing deadlines and payment due dates. Note that this information is ever evolving; the below is current as of March 27th, 2020.
As an aside, we understand you might want to feed your family with delicious comfort food during these periods of self isolation. A very valuable client kindly shares her insights on a few local Calgary eateries who provide home or curbside delivery. We’ve listed some of the best ones at the end of the article.
Now back to taxes…
Personal returns filing
The deadline for filing T1 returns has been extended to June 1, 2020. Individuals expecting a refund or benefits should file sooner if possible, as the CRA will process refunds. Canadians are encouraged to register for direct deposit on the CRA’s MY ACCOUNT self-service portal, as this is the quickest and most reliable way to get benefit and credit payments.
Trust returns filing
For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020. This is due to administrative requirements in advance of the June 1, 2020 deadline for filing individual income tax and benefits return.
Other corporate taxes filing
T2 Corporate income tax return filing date is unchanged (due 6 months after year end).
T5013 partnership return has been extended to May 1.
GST – GST/HST payments
Remittance can be deferred until June 30, 2020. At this point, it is unclear whether GST/HST returns will have to be filed while the deferral is in effect. Once we receive clarification, we will notify you accordingly.
Income tax payments
The deadline to pay any balance due for individual income tax and benefit returns for 2019 has been extended to September 1, 2020. This means CRA will not assess any penalties or interest if the balance due is paid by September 1, 2020.
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 their individual income tax and benefit return has been extended to September 1, 2020
For individual who pay income tax by installments, the June 15, 2020 instalment payments will be deferred until September 1, 2020. CRA will not assess any penalties or interest if instalments are paid by September 1, 2020.
For businesses, CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 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 during this period.
Mail sent to CRA
We have been made aware that there have been issues with mail and courier deliveries to the CRA, and they are looking into these issues. We also understand that some drop boxes have been shutdown. We highly encourage making tax payments using various online method approved by the CRA. CLICK HERE to make a payment.
CRA will recognize electronic signatures for authorization forms T183 and T183CORP as a temporary administrative measure.
Additional information: Reduced minimum withdrawals for RRIF
The required minimum withdrawals from RRIFs is reduced by 25% for 2020. If you have a RRIF or Spousal RRIF with CH and would like to take advantage of this reduction, please contact your advisor or respond to this email.
Now for the real reason you’ve read on! If you live in Calgary, here are some great local options for grabbing a bite:
Cultivar: https://cultivatr.ca/ – Alberta’s online “Farmer’s Market”
- Locally raised meats
- Farm-fresh vegetables
- Artisanal cheeses
The Grocery Link: https://thegrocerylink.com/ – local Calgary company offering delivery to your door. Choose from stores such as:
- M&M frozen foods & meals
- Save-On Foods
Pioneer Butchery and Charcuterie: www.pioneeryyc.com – teamed up with a collective of local food providers including:
- Grand Trunk Veggies
- Peasant Cheese Shop
- Good Honest Food
Marda Loop Meatery: call and order in advance (403-510-3069) for delivery or pick-up
- All soups are homemade and gluten free
- Also offers Bolognese and fresh-baked baguettes
Manuel Latruwe Bakery: Offering curbside pick-up. Call 403-261-1092.
Great options for “ready to cook” meal kits that come with pre-measured ingredients that will make your family think you are a chef!