Deferring tax

[Melody1920 3]

Hello

i read on CRA website you can defer tax

on deemed disposition until actually disposition of asset . Has anyone does this ? What is an acceptable security ?

 

[JeanneAdil 6,554]

There are several ways

depends on if you are the employer or employee 

Employers can defer their amount that they have to pay into SS, medicare till end of December 2021 (because of covid)

but they have to pay 50 % of the amount as due quarterly and defer only 50%

 

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021

 

Or

 If you are able to pay your tax obligations in full, but just need a bit more time, you can apply for a short-term payment