Today, Prime Minister Justin Trudeau announced that the Government is deferring Goods and Services Tax/Harmonized Sales Tax(GST/HST) remittances and customs duty payments to help with cash flow or liquidity assistance for Canadian businesses and self-employed individuals over the next three months.
Department of Finance Canadahas announced the details of Goods and Services Tax/Harmonized Sales Tax (GST/HST) through a news release. According to the release, GST/HST remittances and customs duty payments will be deferred to June 30, 2020.
Details of GST/HST Remittance Deferral for Canadian businesses and self-employed individuals
To support Canadian businesses in the current extraordinary circumstances, the Minister of National Revenue will extend until June 30, 2020 the time that:
- Monthly filers have to remit amounts collected for the February, March and April 2020 reporting periods;
- Quarterly filers have to remit amounts collected for the January 1, 2020 through March 31, 2020 reporting period; and
- Annual filers, whose GST/HST return or instalment are due in March, April or May 2020, have to remit amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year.
Businesses are told to contact the Canada Revenue Agency for more details.
Customs Duty and Sales Tax for Importers
The Government of Canada also said that Customs Duty and Sales Tax for Importers will also be deferred. Businesses in need of information about their particular accounting and payment obligations on imported goods should contact the Canada Border Services Agencyfor more details.