Brief Update for Healthcare Professionals
Dear Valued Client:
We hope this message finds you and your families safe and well. Our thoughts and prayers are with you all, especially for those whose health has been compromised by the virus.
We felt it important that you be informed of the financial assistance announced today by the federal government and financial institutions, and to offer our assistance to help you access these programs.
Earlier today, the federal government announced an economic stimulus plan of $82 billion in COVID-19 aid. We’ve highlighted the elements of the plan that relate to you and your practice:
To assist with your cash flow:
- Eligible small employers can apply for a temporary wage subsidy for a period of three months up to $25,000 per employer.
- The Business Development Bank of Canada (BDC) and Export Development Canada (EDC) are cooperating with private sector lenders to administer a $10 billion credit facility for individual businesses.
- Businesses and individuals may defer, until after August 31, 2020, the payment of any income tax amounts that become owing, and installments, without interest and penalties.
- For the vast majority of businesses (including healthcare professionals), the Canada Revenue Agency will temporarily suspend audit interaction with taxpayers and representatives.
Filing deadline extensions:
As of today, the 2019 personal income tax deadline has been deferred to June 1, 2020. Whether you are expecting a refund or have a balance owing, we strongly suggest you submit your documents to us as soon as possible. The sooner we complete your return, the better equipped you will be to manage your cash flow.
In addition, the income tax deadline for Trusts has been deferred to May 1, 2020.
Deadlines that have NOT changed:
- March 31, 2020, deadline for partnership returns and slips
- All corporate filing deadlines including corporate tax returns
- Payroll remittances
- Self-employed individual tax returns due June 15, 2020
- HST filings and payments.
There are also several initiatives to assist employees and parents in the short and long term, which are summarized on the Government of Canada website. Further details about the provisions for businesses can also be found here.
Our primary objective is the safety and well-being of our team, clients, families and communities. With that in mind, our staff are serving you from the safety of their homes over our secure information technology platforms. We continue to be fully operational and are ensuring that client work is kept on schedule. To that end, we ask that all clients expedite the delivery of their information to us, in a digital format through portal upload.
We will continue to monitor this ever-changing situation closely. We know that you are focused on stabilizing your practice and taking care of your families. We hope you will stay connected with us and feel free to reach out to me at email@example.com for assistance in accessing the provisions highlighted above, as well as the many additional aids available.
Jonathan A Tucker, CPA, CA, LPA