COVID-19: Tax Info Centre

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COVID-19: Tax Info Centre

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We recognize that with the rapidly evolving COVID-19 (Coronavirus) situation in Canada, these are uncertain times for everyone.

At TurboTax, we're here to help. We've created the COVID-19 Tax Info Centre as a quick-reference resource to house any and all information related to how the pandemic may impact your tax filing experience. This hub will be updated in real-time as information becomes available, so be sure to check back to be kept up-to-date during this fluid situation.

Answers to commonly asked questions:

Both federal and provincial governments have provided a variety of programs and benefits for those in need of financial assistance during the Covid-19 pandemic.

Below is a list of federal programs designed to help. More information about assistance specific to your province can be found by visiting you local government website.

Financial assistance programs

Individuals whose employment has been suspended, cancelled or delayed, may qualify for a number of financial assistance programs from the federal government.

The following government assistance programs may be available to you:

Apply for the Canada Recovery Benefit (CRB)

Family assistance programs

Government child benefits and assistance are available to aid in the added costs of childcare and expenses.

The following government assistance programs may be available to you:

Apply for the Canada Child Benefit

Apply for the Canada Recovery Caregiving Benefit (CRCB)

Assistance programs for businesses

Government programs are available to provide relief to businesses, such as assistance with wage subsidies, loans, and general tax relief.

The Canadian government has provided economic relief for employers on a number of levels, including:

Automatic income tax referral

Canada Emergency Wage Subsidy (CEWS)

Canada Emergency Rent Subsidy (CERS)

 

 

Assistance programs for seniors

A new government program has been proposed to provide financial relief to seniors, and rules surrounding RRIFs have been temporarily amended.

Required minimum withdrawals from RRIFs have been reduced by 25% for 2020.

Find out more by visiting the federal government website here.

Seniors who qualify for Old Age Security (OAS) will be eligible for a one-time, tax-free payment of $300, with those eligible for the Guaranteed Income Supplement (GIS) eligible for an extra $200. Those eligible for both will receive the combined $500 total.

If you are already receiving OAS and/or GIS payments, there is no need to re-apply, as these increases are automatic.

Continue to check the federal government website for more information.

Tax assistance and personal finance 

Tax credits and payment deferrals may be part of relief efforts for qualified Canadians.

Assistance for property owners 

You may be eligible to defer your mortgage payments due to suspension of evictions and rent hikes.

Property owners facing financial stress may be eligible for mortgage payment deferral up to 6 months.

To find out more, visit the Canada Mortgage and Housing Cooperation website here.

Assistance for Canadians with disabilities

Canadians with disabilities may be eligible for additional financial support

Related information:

CERB/CRB Tax Info Centre

How will receiving CERB benefits impact my taxes next year?

How do I know if I need to repay CERB or EI benefits?

How to return or repay the CERB

CRA guide to filing your 2019 taxes

What to know about COVID-19 and your taxes

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