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Covid-19 Tax Changes

tax planning

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Are you aware of the COVID-19 tax changes in effect? We just passed tax season, and most people would have received their tax refund by now.

Normally, that would have meant April 30, 2021 would be the deadline. Then, you would either collect your tax cheque, or prepare for the income tax payments you owe.

But this year is much different because of the COVID-19 pandemic. The coronavirus is playing a major role and requiring us to social distance from each other.

Many people are unable to go to work. This virus is affecting many parts of life, including tax season.
But there is some good news. The government is giving people more time to file their taxes. Deadlines are extended in response to remote working and financial hardship.

But it might be harder to work with tax professionals who are working remotely, whether it’s for your individual income tax filing or business.

If you didn’t already know, the CRA extended the filing due date. That means you are still not too late to file your taxes. See below for more details on the COVID-19 tax changes you should know about.

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