Small businesses issue plea to government to extend tax deadlines past April 30
Small firms are imploring the federal government to delay the 2020 tax filing deadline amid continued uncertainty caused by the third wave of COVID-19, says the Canadian Federation of Independent Business (CFIB).
At time of posting, the Canada Revenue Agency had not returned calls to Road Warrior News asking if the extension would be granted. The deadline for filing corporate and business tax returns is April 30.
“Small businesses have been put through the ringer over the past 13 months and their tax filings are more complicated than ever,” said CFIB president Dan Kelly. “Between accounting for the federal and provincial support programs, new costs, remote work, laying off and rehiring workers throughout the year, many small businesses need more time to get the books in order. Sadly, the federal government has ignored calls to extend 2021 tax deadlines despite providing that relief last year.”
The situation for small businesses has worsened in the third wave of the pandemic. Only 56 per cent are fully open, down from 62 per cent in March. Less than a third (29 per cent) say they feel optimistic about their financial situation in 2021.
In a recent CFIB survey, 63 per cent of small business owners said tax deferrals would be helpful to them. CFIB sent a letter to the Canada Revenue Agency in January urging the government to act quickly and extend deadlines for tax filing and payments until later this year, but has yet to hear back.
“We are hopefully in the last stretch of the pandemic, but it’s also the most difficult stretch yet. Right now, small business owners need more help to make it to the other side, not added pressure. Delaying this year’s taxes will go a long way to help them as they navigate the uncertainty of the next few months,” concluded Kelly.
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 95,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.