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How the pandemic has changed the taxation system? Economic Response Plan (ERP) and alterations to the deadline of return filing deadline

 The federal and state governments have declared changes relating to the deadline for file taxes as well as have taken certain measures due to the unprecedented times.

 

Extension of deadlines related to tax return filing and amount

The tax return filing deadline has already been extended by the government. Almost all states have legislated the same deadlines for the provincial tax return and the balance owing deadline. The federal government compels all taxpayers to file their tax returns as soon as possible so that they can determine the GST Credit and Canada Child Benefit (CCB) amount properly. A majority of the state government in Canada especially the Quebec government has pledged to pay the Solidarity Tax Credit and Family Allowance on time in spite of the delay in file taxes online Canada.

 


Temporary increase in certain benefits

The federal government has brought a significant increase in the maximum yearly payment amount of Canada Child Benefit. For the 2019–2020 year only, eligible families can receive an extra $300 per child, started in May.

The new Emergency Care Benefit (ECB) has also been launched. The ECB usually provides a bi-weekly benefit of up to $900 for nearly 15 weeks. Generally governed by the CRA, it provides income support to:

· Those workers usually including the self-employed, who are quarantined or sick with COVID-19 but never qualify for EI sickness benefits

· Those workers who are taking care of a family member who is sick with COVID-19, but do not qualify for EI sickness benefits

· The parents with children who generally needed care or supervision due to closure of schools, and are unable to earn employment income.

The Emergency Support Benefit has also been launched usually for individuals who lose their jobs or face reduced hours as a result of the consequences of COVID-19. This program generally provides EL benefits to workers who are willing to reduce their usual working hours as a result of causes beyond the control of their employers.

 

 

Other measures

Other measures launched include the following:

· The needed minimum withdrawal from a Registered Retirement Income Fund (RRIF) has been reduced by nearly 25% for 2020.

· A six-month interest-free moratorium is now available for individuals who are currently repaying student loans.

· The need to provide a medical certificate to take any EL sickness leave has been waived.

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