tag:blogger.com,1999:blog-4402283548766807872.post4439976416970522915..comments2024-03-29T02:47:49.234-04:00Comments on The Blunt Bean Counter: Six Financial Lessons of COVID-19The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4402283548766807872.post-16317654027883746232020-05-03T12:42:17.220-04:002020-05-03T12:42:17.220-04:00Hi Anon:
All good points. There are several clari...Hi Anon:<br /><br />All good points. There are several clarifications that would be helpful. I would suggest the average small biz owner assumes the tax deferral applies to all situations, which may be problematic. For example a December year end whose tax was due 2mths after ye and was not paid prior to March 18th. When is this tax due? Some people say as of Feb 28th, others that the tax is deferred. Clarity would be useful. The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-38806166497710333472020-05-01T15:29:37.761-04:002020-05-01T15:29:37.761-04:00Hello Mark, on CRA's website, it clearly says ...Hello Mark, on CRA's website, it clearly says that the deferral of corporate income tax payments to September 1, 2020 "applies to balances and instalments under Part I of the Income Tax Act due on or after March 18 and before September 1, 2020". In fact, other taxes, e.g. under Part IV, are specifically excluded. What about provincial (e.g. BC, Ontario etc) corporate income tax that is administered by CRA (which are not ITA Part I taxes)? Quebec and Alberta have each announced similar payment deferrals as they administer their tax system independently. I would be surprised if CRA does not also provide an extension for provincial income taxes that they administer, but given the wording used (Part I of the Income Tax Act), shouldn't this be clarified? Thank you.Anonymousnoreply@blogger.com