My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Monday, April 20, 2020

Six Financial Lessons of COVID-19

The last couple months have been very distressing from a medical and self-isolation perspective. They have also been difficult from a financial and business perspective. I was recently thinking about whether we could learn any financial and business lessons from this time. I came up with six lessons, which The Globe and Mail published on Thursday. I would like to thank Roma Luciw of the Globe for her editing skills.

The article can be found here. If the article does not open, it can be accessed at no charge by signing up with The Globe.

Government program update

I also want to mention some important recent changes to government programs:

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Please note the blog posts are time sensitive and subject to changes in legislation.

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  1. 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.

    1. Hi Anon:

      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.