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Personal income tax filing deadline to be extended by 1 month
March 26, 2020
7:39 pm
Bill
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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?

March 26, 2020
8:06 pm
Norman1
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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.

March 27, 2020
7:44 am
pooreva
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Beware of filing if you expect refund BUT you own due to reassessment for 2018 (or earlier years).
I expected refund of $1000. Due to reassessment for 2018 I owned $700. I did file few days ago and assessment shows I am getting refund of $300.

What about 'postponing' all owned amounts until September 2020???

Now when assessment becomes official on March 30 and I see refund on my account I have to spend hours on the phone (if battery last that long) to argue 'give me my $1000 and I will pay you $700 in August'.

March 27, 2020
8:15 am
Doug
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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.* sf-cool

Cheers,
Doug

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

March 27, 2020
8:36 am
Bill
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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.

March 27, 2020
9:01 am
Norman1
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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?

March 27, 2020
9:19 am
gicjunkie
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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.  

This philosophy is what could ultimately doom us to extinction. This was actually an "under reaction" to a problem which is now snowballing out of control because some people are being "inconvenienced." This is an example of the "me me me" generational attitude prevailing about just about everything these days. When elderly, at risk, loved ones start perishing due to this pandemic, I guess younger people won't care because they won't have to look after them any more, and maybe they'll inherit some money. I would guess that most of the subscribers to this site are elderly, so maybe we should start saying our goodbyes to each other. This pandemic has effectively wiped out a generation in parts of Italy.

As someone has already said, when there were world wars, young people volunteered to go great distances to fight for their freedom, but now, when we are asking them to just stay home in order to preserve our national well-being, they can't seem to do it without complaining. The art of self sacrifice is becoming extinct. Selfishness really is the new norm.

March 27, 2020
10:02 am
Loonie
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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.

March 27, 2020
11:20 am
fabafter50
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gicjunkie said

This philosophy is what could ultimately doom us to extinction. This was actually an "under reaction" to a problem which is now snowballing out of control because some people are being "inconvenienced." This is an example of the "me me me" generational attitude prevailing about just about everything these days. When elderly, at risk, loved ones start perishing due to this pandemic, I guess younger people won't care because they won't have to look after them any more, and maybe they'll inherit some money. I would guess that most of the subscribers to this site are elderly, so maybe we should start saying our goodbyes to each other. This pandemic has effectively wiped out a generation in parts of Italy.

As someone has already said, when there were world wars, young people volunteered to go great distances to fight for their freedom, but now, when we are asking them to just stay home in order to preserve our national well-being, they can't seem to do it without complaining. The art of self sacrifice is becoming extinct. Selfishness really is the new norm.  

Well said and spot on.

March 27, 2020
11:44 am
Bud
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I believe it may be helped along by a psychological sorta terrorist attack by a foreign government using division left vs. right. We know the Saudis for example attack Canadas oil industry probably funding some pro environmental groups like the ones targeting pipelines. Some of their oil is shipped to Irving refinery on the east coast. Yes there is a virus but by throwing everyone under the bus they've made it far worse. At the beginning they should have called it a strain of the flu told everyone not to shake hands, social distance, wear masks if sick and move on. Far more lives have been destroyed than the amount of deaths. Trump should have called it the flu not a hoax n stuck with the narrative from the beginning imo. So theyll be another covid 20 21 22 what are they going to do shutdown the economy each time? The government created this mess and is sending you the bill. Will the public sector cut their salaries to pay for the clean up.

March 27, 2020
12:02 pm
happyavocado
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gicjunkie said

As someone has already said, when there were world wars, young people volunteered to go great distances to fight for their freedom, but now, when we are asking them to just stay home in order to preserve our national well-being, they can't seem to do it without complaining. The art of self sacrifice is becoming extinct. Selfishness really is the new norm.  

I wonder if one of the consequences of this -- not now, but down the road -- is that some older people are going to take a hard look at their estate plan or will, and make some reallocations that their kids and grandkids aren't going to be thrilled with.

I'm not talking about vindictive Mr. Burns types who are exacting revenge on their neglectful families, but I'm just talking about folks who realize that leaving hundreds of thousands or millions of dollars to a brood of selfish "as long as I'm OK then everything is OK" relatives isn't satisfying, to say the least.

Indeed, as you rightfully and painfully pointed out, there are MANY Gen Xers and even millennials right now who are factoring in their anticipated inheritance into their (non-existent) financial plan. It's all very gloomy. When they go to weddings and birthday parties and stuff, you can feel the greed. lol

March 27, 2020
5:57 pm
Bill
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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.

March 27, 2020
7:17 pm
Loonie
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No, not fake news, Bill. You really did say that very explicitly in a previous post some months ago.
I didn't care enough to keep the link but I remember it very clearly because I was surprised you were willing to admit it.
Sorry, but I don't have time to go through all your posts to find it again.

It is a travesty and an insult to so many people that you would consider this outbreak manageable. People are risking their lives to help the sick, going without protective gear they need; temporary field hospitals have been set up in hard-hit areas and there are not enough refrigerated trucks to handle the bodies in NYC. Yet you have the gall to suggest that this is all minor and manageable. No, these things aren't happening here. Yet. That's why we have preventive measures. But if the people I saw in the grocery store this evening are any example, we are all at risk. Even you.
Dying from lack of oxygen is a nasty way to go; trust me.
Enough said.

March 28, 2020
10:19 am
Bill
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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.

March 28, 2020
11:59 am
Loonie
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Readers of this forum will make their own assessment of the relative veracity of our memories and statements, based on what we have contributed in the past.

Actually, you care a lot about anecdotes. Many of your posts contain nothing but unverifiable stories about people you say you have encountered somewhere, and a great many of these are only generalizations.
The most recent, i believe, was about some woman who had children by two different partners. Unimportant and irrelevant.

I'm not going to take the time to reply in detail, although i certainly could. You and your opinions are not worth it to me. Readers can take it or leave it, if they are interested.

March 28, 2020
6:53 pm
Bill
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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.

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