The Federal government is deferring, until August 31, 2020, the payment of corporate income taxes that become owing on or after March 18 and before September 2020. No interest or penalties will accumulate during this period for non-payment.
GST/HST payments are also deferred until June 30, 2020. The deferral applies to payments as follows:
- For monthly filers, remittances for the February, March and April reporting periods are deferred
- For quarterly filers, remittances for the January 1 to March 31 reporting period are deferred
- For annual filers, amounts collected and owing for the previous fiscal year and instalments for the current fiscal year are deferred
Average Brokerage = Cash flow savings for brokerages, dependent on their HST owing and filing periods