RBC Wealth Management has published an updated article called “New Measures to Assist Tax Payers During COVID-19 Pandemic”.
The key highlights to note are:
- Proposed 25% temporary reduction in minimum withdrawal payments from Registered Retirement Income Funds (RRIFs) and Life Income Funds (LIFs).
- Personal Income Tax Filing Deadline Extended until June 1 and June 15 if you or your spouse are self-employed.
- All taxpayers may defer paying tax installments until September 1, 2020.