Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

Finance Minister Morneau announced a significant relief package of $27 billion today to help Canadians who will have immediate financial consequences from the global pandemic. In these surreal and unprecedented times, these measures will help pay rent, keep groceries on the table and assist with caregiving needs as the economy adjusts to a new normal. There is relief for both workers and businesses, including those people who do not have a safety net under the Employment Insurance Program. This special report provides all of the details.

For individuals and families, the tax filing and tax payment extensions are good news. However, Canadians who are owed refunds will still want to file their returns as soon as possible before the pandemic peaks. Those who owe should consider filing soon as well in order to know exactly how much is due and get their financial affairs in order. Canadians will also want to make decisions about paying down high interest, non-deductible consumer debt as quickly as possible to take advantage of lower interest rates on operating lines and/or business and housing loans. There are, in fact, some opportunities to shore up financial health in these measures that follow:

In order to reduce the spread of COVID-19, many Canadian businesses are now in a position where they have to change the way that they operate, which directly impacts their revenue streams, and in turn, their employees. The government has introduced a number of measures to assist Canadian businesses, particularly SMEs.

As things change quickly with the coronavirus crisis, over 30 million people are poised to file tax returns in the next seven weeks to meet the filing deadlines of March 31 for trusts, April 30 for individual personal tax and June 15 for proprietorships.  Thousands of professionals will be helping them.  How can you protect yourself, your staff and your clients? 

 Your clients will likely need your guidance on the tax and financial consequences of life and economic events brought on by the coronovirus. Following is a checklist of financial issues for you to discuss with them. 

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