Member Update from Steven Ibbotson, President of FBC
As we enter week 9 of the COVID-19 crisis, several provinces have taken small steps that mark the beginning of recovery and re-opening the economy. That's a glimpse of good news for the small businesses and agricultural producers that have been hit so devastatingly hard by this outbreak.
While a return to normal may be months into the future, businesses and consumers are starting to adapt to a new normal that integrates proper health and safety practices with the realities and practicalities of day to day living. Even so, the next several months will be a monumental challenge as many of Canada's small businesses fight for survival. Rest assured - as champions of farms and small business, we'll be in your corner for as long as it takes.
As we all work through the challenges brought on by COVID-19, know that we are committed to working with you to ensure that your 2019 tax returns are done accurately, quickly, efficiently, and represent your best tax options.
From a tax perspective, this year we have been required to address:
- New safety protocols for staff
- New Federal and Provincial support programs
- An extension to the deadline for personal tax filings to June 1st, 2020
- An extension to the deadline for making personal tax payments to September 1st, 2020
We also recognize that for many of our Members, the impacts from COVID-19 make it especially important that they receive their tax refunds as quickly as possible. To meet this urgent need, we have adjusted our internal processes to expedite processing for those Members who are receiving tax refunds. This is different from our past approach to processing which may mean that some Members may see their returns later than in the past and others sooner.
If for some reason you have an immediate need for your 2019 T1 Tax Return, please contact us at 1-800-265-1002 and we will work with you to get it out as soon as we can. We do appreciate you working with us during these times and thank you for your patience.
In addition, it is important to note Canada Post is experiencing significant mail processing delays which will add to the time it takes for you to receive a paper return in the mail.
With FBC's TaxAdvantage mobile app, you do not need to wait for the mail to arrive. We encourage all Members to download and use TaxAdvantage – you'll receive an email when we have completed the return and you can access, review, approve and sign your tax returns right through the app. It is super easy to use.
Tax Filing Deadlines
Remember that while tax deadlines were extended, tax payments are not due until September 1 and it remains critical that you file by the deadline.
- Individual income tax returns - June 1, 2020
- Sole proprietorships and self-employed individuals - June 15, 2020
- Corporations (with year-end September to November 2019) - June 1, 2020
If you expect a tax refund this year, the sooner you meet with us, the sooner you'll have that money in the bank. If you think you're going to owe additional taxes, you'll want to finalize your return as soon as possible so that you can plan your cash flow through the next few months.
Phone or email your local branch to book an online or in-person tax call using proper safety protocols.
Staying Healthy, Keeping our Members and Staff Safe
As provincial economies begin to reopen and activities resume, we will continue to be vigilant - making sure that the safety and well-being of our staff and our Members remains our top priority. Most of our staff will continue working remotely. We do have a skeleton staff at our branch locations, and if you need to visit or drop something off, please call ahead so that we can prepare for your arrival.
If you have a tax appointment scheduled, your rep will come prepared to follow proper social distancing guidelines. Please let us know if you or anyone in your family has symptoms or been exposed to COVID-19 so that we can complete the appointment virtually, make alternate arrangements or reschedule.
Thank you for trusting us with your business. We remain ready to support you year-round and appreciate the opportunity to continue supporting you through these very challenging times.
Steven J. Ibbotson, President and CEO
FBC Farm Business Consultants