Tax deadline needs to be extended for small businesses after a welcome extension to CEBA deadline

TORONTO, March 23, 2021 /CNW/ - With economic recovery still a ways away, small businesses need more runway from the federal government to file their taxes, warns the Canadian Federation of Independent Business (CFIB).

"Tax season always places a heavy administrative burden on small businesses but no more so than this year given the uncertainties many are dealing with on an ongoing basis and the additional complexity created by the various government support programs," said Corinne Pohlmann, CFIB's senior vice-president of national affairs. "The United States has already moved to extend some tax filing deadlines. If Canada follows their example and gives small businesses more time to file taxes, it would give many the boost they need to help get them through the next few months."

CFIB is asking the federal government to extend tax filing deadlines and delay GST/HST remittance until at least fall of 2021 to give businesses a chance to get back on their feet. Nearly two thirds (63 per cent) of businesses said tax deferrals would be helpful to them in a recent CFIB survey.

Small businesses welcome CEBA extension

"CFIB was pleased by yesterday's announcement that the deadline to apply for the Canada Emergency Business Account (CEBA) has been extended to June 30, but there are still important fixes to be made," added Pohlmann. "Many businesses are still unable to access the program or are stuck in administrative limbo. CFIB is asking the federal government to quickly review CEBA applications that have been held up by technical issues and allow businesses that started after March 1^st, 2020 to apply if they meet the other requirements. Expanding the loans to $80,000 with a 50 per cent forgivable portion would be a further step in the right direction, as businesses continue to struggle."

About CFIB
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.

SOURCE Canadian Federation of Independent Business