2019 Tax Return Filing Deadline Extended

The Federal Government will be announcing tomorrow (March 18, 2019) that the deadline to file all income tax returns will be extended to June 1, 2020 for 2019 returns only. This is a full one month extension on filing.

They will also announce that the deadline to pay all outstanding tax bills will be extended to July 31, 2020 for all 2019 returns (again, a full 1 month extension for most).

This extension is hopefully going to be adopted by the provincial governments as well. Quebec has already extended their provincial deadlines and estimates it will add an additional $8 Billion to the Quebec economy as businesses aren’t rushing to pay a tax bill. 

This is an ongoing adjustment. We will provide updates to our clients and followers as more information becomes available.

There are other incentives being kicked around as well from the Federal and Provincial governments which will help businesses that are affected by the COVID-19 pandemic. Follow our blog/Page/Twitter for more details as they become available.

These questions can be difficult to answer but are necessary in determining if you even qualify for the principal residence exemption. If you are thinking of getting into the house flipping business, we strongly suggest booking an appointment to come and talk to us about the tax implications not to mention how to structure your business from a financial standpoint. We can help with all the processes along the way from creating a corporation, setting up your books, your bookkeeping, accounts payable, payroll (if needed), and taxes. Keep this important tax fact in mind – All principal residence dispositions, whether tax exempt or not, must be reported on your personal tax return.

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