March 20, 2020
Tax Measures: Canada’s COVID-19 Response Plan
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.