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Daily Tax Report: International

Small Canadian Firms Could Go Bankrupt Without Tax Deferrals (1)

Oct. 13, 2020, 7:42 PM; Updated: Oct. 13, 2020, 9:11 PM

Canada could see a wave of bankruptcies among small businesses if the federal government doesn’t continue to offer tax deferrals during the coronavirus pandemic, a top business group said at a global tax summit Tuesday.

Whether Ottawa allows the deferrals to continue indefinitely or phases them out is a major issue for business because small and midsized enterprises—SMEs—will hit a wall once the deferrals stop, Perrin Beatty, president and CEO of the Canadian Chamber of Commerce, said at the TaxCOOP 2020 World Tax Summit in Montreal.

Canada’s federal government has already deferred the deadline for 2019 corporate tax payments to...

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