How Might WE

Stretch your Payables

We are centralizing ideas and tips from the pro's on an ongoing basis. Got an idea or information on stretching out payables in this environment? Message us and we will share the wealth !

  • Open up lines of communication with your landlord to investigate options that are mutually beneficial to both parties

 

  • The Ontario Government is proposing to make $6 billion in liquidity available to businesses by giving firms a five-month holiday from penalties and interest for missed provincial tax filings and payments.

 

  • The move matches a similar one made by the federal government. The Ford government says there will also be $1.9 billion freed up for companies by allowing them to defer payment of Workplace Safety and Insurance Board expenses for up to six months.

  • Meanwhile, private-sector firms with annual remuneration of less than $5 million will see an exemption to an employer health tax double this year to $1 million of payroll, cutting approximately $355 million in tax.

 

  • The government has proposed a 10-per-cent refundable corporate income tax credit, too, for certain capital investments in non-Toronto-area regions of the province.

  • Federal government: the deadline for businesses to pay any income tax amounts that become owing or due after March 18, 2020 and before September 1, 2020 has been extended to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.

  • The CRA has also pushed back the remittance deadline for GST/HST remittances. Normally, GST/HST amounts collected by businesses are due by the end of the month following the vendor’s reporting period. For example, if your business is a monthly filer, the GST/HST amounts collected on its February sales are due by the end of March.

 

  • The CRA has announced that it will extend the remittance deadline until June 30, 2020. The result is that monthly filers can delay remitting amounts collected for the February, March and April 2020 reporting periods until June 30 while quarterly filers have until that date to remit amounts collected for the January 1, 2020 through March 31, 2020 reporting period. Annual filers, whose GST/HST return or instalments are due in March, April or May 2020, can now remit amounts collected and owing for their previous fiscal year as well as instalments of GST/HST for current fiscal year by June 30, 2020.

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ADDRESS

 

4 Alison Crt 

North Bay, Ontario