On March 18, 2020, the Government of Canada announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 outbreak. The major tax changes affecting individuals and small businesses will include:

• Tax payment and filing deadlines extensions
• Temporary income support for workers and parents
• Special one-time payment of the GST Tax credit
• Increased Canada Child Benefit payments
• Student loans six-month interest-free moratorium
• RRIF minimums annual withdrawal is waived

Government Benefits and How to Get Them

Jamie Golombek, Managing Director, Tax and Estate Planning with CIBC Private Wealth Management, offers some further details in this Financial Post article.

LEARN MORE: Please download the pdf summary here.