Updates on COVID-19
Income Tax Filing and Payment Deadlines
For the most up to date filing and payment deadlines, please click here.
July 12, 2020 Update
Please note, if you are deferring payments to the Government of Alberta (which is allowed until September 1, 2020), that you may still see interest being charged on your account.
The Government of Alberta has said that these charges are due to the fact that they have an automated system. The system will automatically charge interest on late payments. However, they have stated that clients in this position should only pay what they owe and the interest will ultimately be reversed on their end.
If you have any further questions about this please feel free to call or email one of our staff.
Wage Subsidy Application- April 27, 2020
Update - May 20, 2020
Dear Respected Clients:
In an effort to control flow of people coming into the office we will be accommodating document drop off and pick up by appointment only. If you would like to come in to our office we ask that you call our office or email one of our staff to schedule a time to make sure we don’t have too many people in our office at any given time. If you are coming to the office, please confirm with our staff that you have been symptom free for at least 14 days.
Now that everyone is moving around more and things are in the process of opening again, we just want to remind you that we are not fully open for business yet. We will continue posting updates to our website so please continue to check for updates to stay informed.
If you have any questions that have not been addressed on our website, please email our office and we would be more than happy to help answer them.
We appreciate your patience and understanding during these changing times.
Alvares & McLeod LLP
Economic Relief Measures - April 1, 2020
We are sure your inbox is filed with numerous emails regarding new COVID-19 protocols and we don’t want to be another one, however, we have had many clients email our staff asking questions. In a hope to address some of these concerns we have added a COVID-19 section to our website with information that may be applicable to you. This section contains information about CRA updates, economic relief measures, etc. If you have a question about something that is not currently on this section, please let us know so we can add that information for you and for others. Please note however, that some details are not yet available. It is hard to determine what options are best for you without the details that the federal government is promising soon.
It is important to note that it is not business as usual for our staff right now, we are trying to adjust to this new work style as well as all the changes with CRA and it is taking some time. We are, however, doing the best that we can. We are currently a little bit behind on preparation, however, are working hard to make sure we can provide the best service for every client.
As many of you are aware, the deadline for filing personal taxes has been moved to June 1, 2020, because of this we will be extending our in-office deadline to send in documents until the middle of May. As many of our clients are currently still sending in personal tax information, we will not currently be enforcing a formal in office deadline at this time. Should the need arise, we will update the website with details as well as send out reminders.
CRA collections on amounts due beginning on March 31, 2020 will not be collected at this time, however, it seems as though they will continue to collect on older amounts due. Due to reduced staff in CRA offices, it is extremely hard to get agents on the phone to confirm details regarding client accounts. At this point in time, CRA processing review and audit work have been suspended. We are currently unable to submit requested information, phone for detailed information not specifically on the website, and CRA will not be finalizing processing reviews or audits during this time.
Please be aware, in order to receive some benefits (ex. GST/ HST credits, and the Child Care benefit) your 2019 T1 will need to be filed.
If you have any concerns about A&M invoices currently outstanding or costs associated with upcoming work you need done, please reach out to a partner, we will be handling these concerns on a case by case basis.
Alvares & McLeod LLP
COVID-19 - Financial Relief for Canadians
For more information on the updated policies and programs of the Canada Revenue Agency please refer to the following document posted here.
Relief Measures - Government of Alberta
In addition to measures taken by the CRA the Government of Alberta has also released a statement saying that they will be extending the due date for Alberta Corporate Income Tax Returns (AT1). This deadline will be extended to June 1, 2020 for all Alberta Corporate Income Tax Returns due between March 18,2020 and June 1, 2020. More information on this can be found here.
The Government of Alberta will also allow Alberta businesses with corporate income tax balances that become owing on or after March 18, 2020, or installment payments coming due between March 18, 2020 and August 31, 2020, can defer making these payments until August 31, 2020. Alberta will also waive penalties and interest that would otherwise be payable in respect of these payments. More information on this can be found here.
Payroll Remittances - Due Dates
According to the CRA’s website, the deadlines to pay payroll taxes remains unchanged. For more information on this, please click here.
Business Credit Availability Program
This program is available now through your online banking profile. Please sign in to your online banking to find the link and if not available contact your bank. To see the eligibility requirements please click here. The payroll number required for the application can be found on the T4 summary we send you in February (February 2020 for the 2019 summary). If you require a copy please let us know.
For more information on the business credit availability program, please click here.
Canada Revenue Agency - Audits and Processing Reviews
For more information about ongoing CRA audit and processing review work please click here.
Information on Wage Subsidy for Small Businesses
The Canada Emergency Wage Subsidy program has recently been updated.
The government is now offering 2 different rebate options, the 10% subsidy program allows the rebate to come off the source deduction payment, and the 75% program states that all the source deductions remain due, however, some of the remittance will be refundable. For more information on the government’s wage subsidy for small business’ program, please click here for information on the 10% subsidy, and here for information on the 75% subsidy.
Coronavirus (COVID-19) – Benefits & Services (Employment & Social Development Canada)
For more information regarding Coronavirus (COVID-19) – Benefits & Services please click here.
Workers Compensation Board Relief
For more information on this, please click here.
Video Tax News - March 25, 2020 Update
To review Video Tax News’: COVID-19 Economic Response Plan – Legislative Update, click here.
Update - March 19, 2020
Yesterday the Canada Revenue Agency released the following update to their website.
A summary of all the information released is included can be found in PDF format below.
The full details can also be found on CRA’s website here.
As always, If you have any questions or concerns please feel free to call or email the office.
Update - March 13, 2020
Alvares & McLeod LLP, like all organizations, is actively monitoring the coronavirus (COVID-19) outbreak. At this time, the staff at Alvares & McLeod LLP are following the guidance from Alberta Health Services, the Government of Alberta, and Public Health Canada.
Note that we are always happy to see our clients in person, however, at this time, we are asking all our clients to consider booking phone meetings rather than in-person meetings where possible; as we have the capability to forward your personal tax and/or yearend information to you in a PDF format. In keeping with this request, we would like to remind our personal tax clients they can forward their personal tax information directly through our secure e-Courier option if possible; to avoid having to drop off documents in person. Our hope is that these steps will help us protect all clients, as well as our staff.
Management at Alvares & McLeod LLP are monitoring the outbreak closely and assessing any risks to our clients and staff on a day-to-day basis. Should the situation require our office to temporarily close to the public, our staff will have the ability to work from home, have access to email, etc. so clients can be assured that we will continue working to ensure deadlines are met.
As of lunchtime, March 13th, 2020 we are unaware of any change in the personal tax filing deadline in Canada, but we will be keeping an eye on the Government of Canada and Government of Alberta websites for any further updates relating to filing deadlines. If the Government of Canada decides to change the filing deadline due to this outbreak, we will send out an email notification to all of our clients.
If you have recently had any changes to your contact information, please reach out to our staff as soon as possible to update this information.
It is important to remember that, according to medical experts, the risk of contracting the virus in Alberta is still considered low. However, it is important to remain vigilant and do everything possible to minimize potential spread. These tips are likely not new to you, but as a reminder, it is recommended that you should:
• Practice good hygiene, such as frequent hand-washing
• Stay at home if you feel ill
• Monitor your health closely and if you have travelled outside the country, self-isolation has been strongly suggested by Health Officials
We will keep our clients informed of any changes as quickly as we can and please check our website or linked-in page for the latest updates.