Personal income tax filing deadline to be extended by 1 month | Page 2 | Income tax filing | Discussion forum

Bill said
Norman1, do you agree that the filing deferment to June and payment deferment to September applies also to the final return of a deceased individual whose final return would have been due by April 30?

Yes, I agree. That final return is still an individual T1 return but with the date of death filled in.

savemoresaveoften said
Anyone curious like me to try to understand how late filing / payment equates to a $55B aid as portrait by the government ? I checked and personal income tax was in the neighborhood of $150B area so do they just say expect 55B to be paid last minute so extending saves the public 55B ? Also that is deferred and how is that a "real help" to the economy..
Not trashing the government but thinking isnt that a bit glorified when they say headline stimlus is $80B+ ??  

Not defending the government, but in fairness, they adjusted that total in response to the mass media's characterization of the $80 billion total stimulus. Initially, when it was first announced, they correctly said it was $27 billion in direct stimulus and $50 billion in tax deferrals. The media, as they always do, seized on that combined figure. Sure, tax deferrals help companies' cash flow but since the payee is ultimately the government, it provides no economic stimulus whatsoever.

The monthly deficit numbers for the federal government between now and October are going to be atrocious, with only corporate income tax and sales tax revenue coming in and much of everything else being deferred and all the expenses going out. Who knows where the year-end deficit will end up, but I wouldn't be surprised to see the deficit be 25% of our total federal debt of what $800 billion (call it $200 billion). This may be an outlier call, but even the analysts are shooting darts in the dark blindfolded when we don't know (a) how many people will apply for EI or the CERB, (b) whether the CERB will be extended beyond the 4 months (probably) or increased (maybe), (c) whether further payments for individuals that don't qualify for CERB will be introduced (likely), or (d) how long the economic shutdown or the post-economic shutdown shock will last.

In short, the private sector economists' good-faith federal budgetary forecasts are worth about as much as yesterday's newspaper...or toilet paper.*

Cheers,
Doug

* Now that price gouging on toilet paper has been banned in some provinces, with strict enforcement measures to follow.

It's not an overreaction. The selective statistics don't tell the whole story.

People are surviving their encounters with COVID-19. But, it is not as "mild" as the numbers suggests.

For some reason, "mild" for COVID-19 is defined to be a case where the patient does not need oxygen or a ventilator.

If I were to catch the virus, am almost coughing my lungs out, and barely have enough energy to get something out of the fridge to eat, then I have a "mild" case, since I don't need oxygen! But, I'm not going to be in any condition to see patients or drive a tractor trailer around.

Just imagine what would happen if 60% of the hospital staff came down with a "mild" case or 60% of the truck drivers got a "mild" case within a short period of time.

I'm sure 90%+ of them will survive. But, what about those weeks while those people are sidelined?

Bill said
By the way, Doug, after a week or so of this debacle and based on the stats re deaths, etc (e.g. virtually zero risk of death for 50 and under) I've come to agree with your view this whole thing is a vast over-reaction and now would completely understand young folks' anger at shutting down many of their jobs for this.  

Bill has told us earlier that he doesn't believe in climate change either.

However, climate change and COVID-19 march on relentlessly whether he believes in their power or not.

Prevention is often a difficult concept for people to fully appreciate, because its success is invisible. You don't see what you successfully prevented.

We're seeing plenty. Let's make sure we don't see a lot more.

It's a falsehood, fake news, to say I deny climate change. The poles were once tropical, the Sahara a swamp, Toronto under ice, etc, earth's climate always changes, everybody knows that.

Italy's population is still over 60 million, hasn't made a dent in any generation.

It's also true that most people have no or minor symptoms, a couple of weeks with a bunch of sick folks is easily handled by our society. And shortens the time for the virus to mutate. So much less overall "trouble" than months on end.

I do agree selfishness reigns today. But affluence always breeds that, and we're all wealthy compared to previous generations, so there you go. In my view.

No problem, Loonie, make up stuff without providing evidence all you want.

A few days ago you were happy to get the staff's attention in a nearly-empty restaurant, now you're out in a grocery store. You're supposed to stay home, you're at a riskier age plus you're not a necessary worker, & some young people at work will be risking their health because you refuse to hunker down. Get stuff delivered, get younger folks to pick up some things for you, whatever, but stay home. We've been asked, especially the most vulnerable, to stay home.

Don't care about anecdotes, I'm sticking with data, and so far the data remains overwhelming, everbody can get this and very, very few will die. Thus the cost of shutting down much of the global economy (no problem for non-workers or public sector, their cheques keep rolling in) is not warranted.

Which reminds me. Last fall my wife and another couple, friends of ours, all had bouts of illness very similar to what's going on now, I had a much, much milder version, never thought much about it. And now apparently Italian experts are looking into last fall's unusually high flu/pneumonia rates in the now-hardest hit areas, they think this thing may have been around already earlier. Back to the data, so far in Italy zero people under age 30 have died of covid-19, so hopefully that's good news for young Canadians too.