Tax filing and payment extensions in response to COVID-19

Both the Canadian and United States (U.S.) governments have introduced a number of measures to help alleviate financial hardship for Canadian resident and U.S. taxpayers brought on by COVID-19. Both countries have introduced measures to postpone certain tax filings and in some cases, payment deadlines. While these extensions may come as a relief during this stressful time, you may want to consider filing as early as possible if you are expecting a tax refund.

Tax filing and payment extensions

Reduction of RRIF minimum withdrawals for 2020

The Canadian government has introduced a number of measures to help alleviate financial hardship for Canadians brought on by COVID-19. One such measure is the reduction of required Registered Retirement Income Fund (RRIF) minimum withdrawals by 25% only for 2020. The Quebec government has also announced that it will reduce mandatory RRIF withdrawals by 25% for the 2020 tax year.

Reduction of 2020 RRIF minimum withdrawals

Market Update

Please click the link below for a market update, prepared by the Global Portfolio Advisory Committee within RBC Wealth Management’s Portfolio Advisory Group.

April 7, 2020 - Market Update

New measures to assist taxpayers during COVID-19 pandemic

Please click the link below for a great summary, prepared by RBC Wealth Management Services, of the COVID-19 tax related updates put forward by the Canadian and US Governments.

COVID-19 tax related updates