The municipal, provincial, and federal governments in Canada have finally provided a great relief to many taxpayers in the middle of restrictions in slowing the spread of coronavirus. Along with this good news is the commitment of tax accountants in Canada to provide a hassle-free tax filing process.
According to the latest updates in the tax filing and payments, income tax returns (ITR) that were filed by the new filing deadlines are not subjected to any late-filing penalties. The interests are not accrued on tax provided, which was paid by the new payment deadlines. Individuals or businesses who have trouble with this Canadian tax measures can consult an accountant in Toronto to ensure stress-free, smooth processing.
It’s good to know that the federal government allows taxpayers to defer all income tax amount payments as well as installment owing after the 18th of March 2020 until the 1st of September 2020. The taxpayers do not need to worry about penalties or interests because there will be no penalty or interest involved.
Meanwhile, the aforementioned payment deferral is only applicable to tax amounts owing that are under Part 1 of the Income Tax Act. Meaning, they are limited to the amounts owing under the Act’s other Parts like the withholding tax on amounts being paid to the non-residents.
Since the deadline for filing 2019 tax returns for individuals will be on 1st of June 2020 and the deadline for filing the trusts along with taxation year ending will be on 1st of May 2020, hiring a tax accountant is a great help especially since CRA also recognizes electronic signatures on the forms. Tax accountants can help an individual to prepare all the necessary requirements for the filing process.
Despite taking an effort to reduce in-person meetings, individuals can still contact a reliable account to help them make the process quick and easy. These accountants are geared with flexibility and optimism. Toronto may be facing health risks, but these professionals see to it that there will be no issue when it comes to tax filing and payment processing.
Tax accountants in Toronto understand how challenging it is to handle tax payments, especially when in-person meetings are reduced. Fortunately, the federal government made some adjustments to ensure that the burden of the taxpayers is also reduced. With the help of accountants, taxpayers can access the latest updates in terms of changes in the filing and payment process.
Taxpayers can also ask for valuable advice from them on how they can ensure that there will be no trouble in the entire procedure. This simply means that regardless of the situation, tax accountants are always dependable and can help you with your financial goals today.