The Canada Revenue Agency (CRA) is extending the payment due date for current-year individual, corporate and trust income tax returns — including instalment payments — from Sept. 1 to Sept. 30. The CRA said Monday that it will not charge penalties and interest if payments are made by the extended deadline of Sept. 30. This includes
The balance-due day is the date by which you have to pay the remainder of the tax you owe for the tax year. See paragraph 157(1)(b) of the Income Tax Act. Generally, all corporation taxes (except Part III and Part XII.6) charged under the Income Tax Act are due two months after the end of the tax year. Read More Original Article Source
The following table shows the general and small business corporate income tax rates federally and for each province and territory for 2020. The small business rates are the applicable rates after deducting the small business deduction (SBD), which is available to Canadian-controlled private corporations (CCPCs). The small business rate is available on active business income up to the amount of the
The Business Limit relates to income tax deductions available to Canadian corporations when filing Canadian corporate tax with the Canada Revenue Agency (CRA). The Business Limit is a set dollar amount that defines a cap on the amount of Small Business Deduction (SBD) a Canadian corporation may receive. Read More Original Article Source Credits: The Balance Small Business , https://www.thebalancesmb.com/
If you are a selected listed financial institution that is making a reporting entity, consolidated filing or tax adjustment transfer election, see GST/HST Notice 265, GST/HST Registration for Listed Financial Institutions (including Selected Listed Financial Institutions). Read More Original Article Source Credits: CANADA , https://www.canada.ca/ Article Written By : NA Original Article Posted on : 2019-05-14 Link to Original Article:
Nearly three months since provincial governments ordered the closing of non-essential businesses in an attempt to slow the spread of COVID-19, many, particularly small businesses, are struggling with large drops in revenue. Read More Original Article Source Credits: CPA CANADA , https://www.cpacanada.ca/ Article Written By : ETHAN ROTBERG Original Article Posted on : 6.29.2020 Link to Original Article: https://www.cpacanada.ca/en/news/canada/2020-06-29-covid-19-crisis-impact
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