There continue to be many important updates regarding financial aid and CRA tax deferrals. Below is a quick summary of the recent news:
Tax payment deadline: Two weeks ago, the payment deadline was re-extended by one month from September 1st to September 30th for those who either have a balance owing on their 2019 tax return, or who have to make 2020 instalments.
CRA said that it will not charge penalties or interest if payments are made by the extended deadline of September 30th. This includes the late-filing penalty as long as the return is filed by September 30th.
Those of you who deferred your March 15th and/or June 15th instalments will be able to defer your September 15th payment as well.
CERB: In July, CERB eligibility was extended from four to six benefit periods. Those eligible for the benefit can claim for up to six, four-week periods.
Nearly one in four Canadians have used the CERB. With the program soon winding downand transitioning back to EI, the Federal government has pledged to create a parallel benefit for contract and gig workers. Details are still scarce at this point, but we will update you when they come out.
Wage Subsidy: The wage subsidy program has been extended until December 19, 2020, but with major changes to the program. You can read more about this in our earlier blog posting here.
Sources: Global News, InvestmentExecutive.com