Apply for property tax rebates if your organization is a qualifying charity or other not-for-profit. In addition to COVID-specific government relief which may be available, municipal property tax rebates may be a valuable source of cashflow as not-for-profits navigate the impact of COVID-19 on revenues.
This year, Tax Freedom Day comes much earlier than usual because the estimates of income and total taxes for average Canadian families have been significantly impacted by the COVID-19 recession.
At times like this, when health and safety are at the forefront of everyone's mind, tax planning, including transfer pricing, understandably, is generally put aside. However, in light of the potential economic downturn arising from the COVID-19 pandemic, it would be prudent for Canadian companies to consider transfer pricing matters at this time.