PBO Claims Disability Support Will Cost $792 million

A COVID-19 related one-off payment for Canadians living with disabilities will cost the federal treasury $792 million, according to the Parliamentary Budget Officer. The initiative expects to deliver up to $600 to 1.67 million people, in an effort to lessen their financial distress as a result of the pandemic. Low-earning…

Tax Payment Deadline Extended by Canada Revenue Agency

The Canada Revenue Agency (CRA) has postponed the tax payment deadline to September 30th. The extension applies to individuals, corporations, and income tax returns on trusts, including instalment payments. The CRA’s decision to delay its tax deadline is likely to be well received, in light of the current economic downturn. The…

New Tax Deduction Aims to Help Remote Workers

Canadians may be eligible for a significant tax deduction – if the pandemic has forced them to work from home. This federal tax break, dubbed ‘work-space-in-the-home’, could potentially help hundreds of thousands of Canadians who have been forced by the pandemic to continue their work remotely. The tax category also…

StatCan: Canada’s Economy Took a Record-Breaking Fall

Canada’s real GDP fell by an historic 11.6% in April following a 7.5% drop in March, according to a recent report from Statistics Canada. As many “non-essential” businesses resumed operations in May, the agency is expecting the economy to have rebounded by 3% that month. StatCan will release the final…

CRA Changes Deadlines for Trust and Corporate Filing

The Canada Revenue Agency has extend the deadlines for some corporate and trust filings. The move is intended to assist businesses and tax professionals who have been affected by the COVID-19 pandemic. Businesses are now permitted to defer their T2 corporation income tax returns to September 1st, 2020. Any income…

COVID-19 Tax Scammers Targeting Canadians

The Canada Revenue Agency is warning of a rise in scams that take advantage of the confusion related to COVID-19 relief measures. “With the launch of (Emergency Response Benefit – CERB), we have seen scammers seek to prey on Canadians’ anxieties during this time of crisis,” said CRA spokesperson Etienne…

Canada’s Inflation Rate Falls Along With Gas Prices

As gas prices plummeted in March, Canada’s annual inflation rate also fell to its lowest point in nearly five years. On a year-over-year basis, energy costs dropped 11.6% in March – the largest one-month fall since November of 2008. Moreover, gas prices last month were 21.2% lower than they were…

Government Extends Tax Deadline in Response COVID-19 Pandemic

The federal government has announced that Canadians will have extra time to file and pay their taxes this year. In response to the COVID-19 pandemic, the tax filing date has been postponed to June 1 for individuals. The deadline for trusts has been moved to May 1. The Canada Revenue…