Tuesday, June 18, 2024

Tax declaration: Small and medium enterprises request an extension of the deadline and loan support

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Maria Gill
Maria Gill
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Affairs. Extending the deadline for filing tax returns and converting GST / HST to at least the fall of 2021 should give companies more freedom, according to the Canadian Federation of Independent Business (CFIB).

Nearly two-thirds of Canada’s business leaders, or about 63% of the target, will be exempt from postponing this deadline according to a survey conducted by the federation. It is particularly based on the constraints associated with the slow economic recovery of small and medium-sized enterprises (SMEs).

“Tax season is always a heavy administrative burden for SMEs, but with the pandemic and the uncertainties it imposes on entrepreneurs, it can quickly turn into a nightmare,” CFIB’s vice president of national affairs, Yasmine Janet, said.

She added, “In addition, although the various government assistance programs are essential assistance for many small and medium enterprises, they also contribute to complicating this already difficult task.” Reports for specific taxes.

The deadline for filing and filing income tax returns is April 30, 2021. This has been postponed to 1is being June last year. Individuals are generally expected to last no later than June 15th, until June 1is being September 2020 without a fine for late filing being assessed.

Increase the loan ceiling

The Canadian Federation of Independent Business has welcomed the announcement of an extension to June 30 of the deadline for applying for loans under the Canadian Business Contingency Account (CUEC). However, she reiterated the concern of SMEs that are still unable to access this program.

We ask Ottawa to quickly review CUEC requests that have not yet been processed due to technical issues and allow companies created after 1is being March 2020 to ask them if they meet the other criteria, ”Mr. Geneti said.

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The CFIB also urged the federal government to increase the loan amount to $ 80,000 and increase the convertible portion to grant to 50%. The maximum loan amount granted to SMEs is currently $ 60,000, of which 20,000 can be converted into solvency subsidy. Improving this fund would be another step in the right direction, according to Mr. Genet.

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