Tax Relief: Support For Those Impacted by Tariffs
In response to the recent escalation in U.S. tariffs, the Government of Canada has introduced a suite of temporary tax relief measures to support impacted businesses and individuals.
According to a release issued by the Prime Minister’s Office, the Canada Revenue Agency (CRA) will implement the following provisions:
- Deferral of GST/HST remittances and corporate income tax (T2) payments due between April 2 and June 30, 2025;
- Waiver of interest on GST/HST and T2 installment or arrears payments required between April 2 and June 30, 2025;
- Interest relief on existing balances for both GST/HST and T2 corporate taxes during the same period.
These measures are designed to ease cash flow pressure, preserve working capital, and give businesses time to adjust amid heightened trade uncertainty.
Interest will resume starting July 1, 2025, on all previously deferred GST/HST and T2 corporate tax balances.
The Canada Revenue Agency (CRA) has also reminded taxpayers that they must continue to file GST/HST returns and T2 returns by their due dates in order to remain compliant with federal filing requirements—even if payments are deferred or interest relief is in place.
Ignoring Your Credit or Investment Accounts
It’s easy to “check out” financially during the summer—but missing payments, investment opportunities, or contribution deadlines can cost you.
Smart move: Set calendar reminders for credit card due dates, TFSA/RRSP contributions, or installments. Consider automating minimum payments or deposits so you stay on track while you travel or relax.
Skipping Your Mid-Year Financial Check-In
June and July are ideal for assessing your progress. Have your income or expenses changed? Are you on pace to hit savings or investment goals? Without a check-in, you may miss chances to pivot.
Smart move: Book a mid-year review with your advisor. It’s a great time to revisit your goals, realign your tax strategy, or adjust contributions based on new income.
Final Thought
Summer doesn’t have to mean setbacks. With a little foresight and a few smart moves, you can enjoy the season and stay financially fit. After all, peace of mind pairs well with sunshine. Need help with your summer plan? Reach out to our Expert Team at Assentt today.
The information provided is for educational/entertainment purposes only. Actual information may vary, please consult our office for further details. Got a question? Feel free to reach us at helpdesk@assentt.com.
