September 30, 2020: An Important Day for all Businesses in Canada

With so many Federal Government COVID-19 program changes, extensions, and additions it can be extremely difficult to keep track of application deadlines, payment dates and other important dates. September 30th, 2020 is a date that every business owner should be aware of due to its importance for CECRA (Canada Emergency Commercial Rent Assistance), Ontario business taxes (due October 1) and tax payments for individuals, corporations and trusts.

CECRA

Following the CECRA extension for September, the deadline for new applications to CECRA was also extended to September 30th. As a reminder, landlords of businesses who experienced a minimum 70% April to June year-over-year revenue decline (or if a company was not operating during this time, a 70% decline of April to June 2020 revenues compared to the average of January and February 2020 revenues) can apply for the government subsidized rent reductions for the months of April to September.

Ontario Business Taxes

The Ontario Government announced an extension to the interest and penalty-free period by one month to October 1, 2020. This relief applies to the Employer Health Tax (EHT), International Fuel Tax Agreement, Retail sales tax on insurance contracts and benefit plans, and Insurance Premium, Tobacco, Fuel, Gas, Beer, wine and spirits and Mining taxes.

Individual, Corporate and Trust Income Tax Payments

An extension of the payment deadline for individual, corporate and trust income tax returns, including instalment payments, changed the deadline from September 1, 2020, to September 30, 2020.  If payments are made by the September 30, 2020 deadline, penalties and interest, including the late-filing penalty, will not be charged. If your business operations have decreased over the past six months, your installment payments may have changed as well.

If you have any questions about how any of the preceding payments may have changed, contact your Bateman MacKay LLP Client Manager.

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