COVID-19 & Taxes: CRA extends payment deadline

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The CRA has just announced that it is extending the payment deadline as many Canadians are still struggling amid the COVID-19 pandemic. Here are more details:

Payment deadline extension
The payment due date for current year individual, corporate and trust income tax returns, including installment payments have been extended to September 30, 2020 (instead of September 1,2020). Penalties and interest (including the late-filing penalty) will not be charged if payments are made by the extended deadline of September 30, 2020.

Filing returns
Although the filing due dates for individual, corporate and trust income tax returns were not changed, the late-filing penalties will not be imposed where a current year individual, corporation or trust return is filed late provided that it is filed by September 30, 2020.

Important note: If you have not filed your income tax return yet, please do so as soon as possible especially if you are receiving credits and benefits such as the Canada Child Benefit. If your individual tax returns are not received and assessed by early September 2020, your estimated benefits / credits will stop in October 2020 and you may have to repay the amount issued to you as of July 2020.

Source: Canada Revenue Agency - Canada.ca
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