COVID-19 Impact on You, Your Family, and Taxes

The COVID-19 pandemic has prompted the federal and provincial governments to implement various measures aimed at supporting Canadians during these challenging times and COVID-19 impact on taxes. With the ever-changing nature of the crisis, it can be overwhelming to keep track of all the available support.

Important Dates for Filing Your Taxes in 2023

Tax filing deadlines play a crucial role in ensuring that individuals fulfill their tax obligations. Here are the key dates you need to know:

  1. Revenu Québec Filing Deadline: Revenu Québec has extended the deadline for filing 2020 returns without incurring late-filing penalties or interest until May 31, 2023. This extension provides additional time for Quebec residents to complete and submit their returns. It’s important to note that if you are self-employed, your filing deadline remains June 15, 2023.
  2. Canada Revenue Agency (CRA) Filing Deadline: As of the current information available, the CRA has not announced any plans to further extend the federal filing deadline for COVID-19 Impact. Therefore, the regular deadline for filing your federal tax return is April 30, 2023. However, it’s always prudent to stay updated in case there are any changes or updates from the CRA regarding the filing deadline. Make sure to check here for any official announcements regarding deadline extensions.

By adhering to these filing deadlines, you can fulfill your tax obligations and avoid any potential penalties or interest charges.

COVID-19 Impact on Taxes: Tax Relief Measures and Updates for 2023

In light of the ongoing COVID-19 Impact pandemic, the CRA and Revenu Québec have implemented various measures to provide tax relief and support to individuals. Here’s what you need to know:

  1. Interest Relief on Taxes Owed: Both the CRA and Revenu Québec have announced that they will not charge interest on the taxes owed from your 2022 return until April 30, 2023. This means that if you owe taxes, you have an extended period to pay without incurring additional interest charges.
  2. Eligibility for Interest Relief: To be eligible for this interest relief, your taxable income must be less than $75,000, and you must have received any of the following emergency benefits in 2020:
  • Canada Emergency Response Benefit (CERB)
  • Canada Emergency Student Benefit (CESB)
  • Canada Recovery Benefit (CRB)
  • Canada Recovery Caregiving Benefit (CRCB)
  • Canada Recovery Sickness Benefit (CRSB)
  • Employment Insurance (EI) benefits
  • Incentive Program to Retain Essential Workers (IPREW)
  • Similar provincial emergency benefits
  1. Enhanced Canada Child Benefit (CCB) and GST/HST Credit: The CRA has increased the maximum annual payment amounts for the Canada Child Benefit (CCB) for 2019 to 2020 by $300 per child COVID-19 Impact. This top-up amount was included in the May payment. Additionally, in 2023, four additional payments will be made to families with children under the age of 6, providing extra financial support based on the family’s net income.

Moreover, individuals who usually receive the GST/HST Credit also received an additional payment in April, with an average amount of $400 for individuals and $600 for couples.

  1. Changes to Employment Insurance (EI) Program: Temporary changes have been made to the Employment Insurance (EI) program to ensure more Canadians can access their benefits COVID-19 Impact. If you apply for EI regular benefits between September 27, 2020, and September 25, 2023, you can now receive these benefits for up to 50 weeks, compared to the previous limit of 26 weeks.

These measures aim to alleviate the financial burden faced by individuals during these challenging times. It’s essential to stay updated with any further announcements or changes from the CRA and Revenu Québec to ensure you take full advantage of the available tax relief measures.

 

For more specific and relevant information, we suggest visiting your provincial government’s website. Here are the websites for each province and territory:

By visiting these websites, you’ll be able to find additional measures and details that are specific to your province or territory for COVID-19 Impact.

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