The Canada Revenue Agency (CRA) has once again made changes to the deadlines for both personal and corporate taxes due to the ongoing pandemic. The CRA is extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as installment payments, from September 1, 2020, to September 30, 2020.
It should be noted that the previously extended filing due dates for individual and corporation tax returns have remained unchanged. And while the CRA has encouraged everyone to file their taxes on time, they will not charge late-filing penalties as long as it is sent in by September 30, 2020.
The CRA is also waiving arrears interest on existing tax debts related to individual, and corporate tax returns from April 1, 2020, to September 30, 2020, and from April 1, 2020, to June 30, 2020, for Goods and Services Tax/Harmonized Sales Tax (GST/HST) returns. Note that although this does not cancel penalties and interest already assessed before this period, it will help ensure that a taxpayer’s existing tax debt will not grow through interest charges during this difficult time.
For a quick and simple guide of tax deadlines, here is the breakdown of deadlines for some of the more common tax returns:
Individual Tax Returns
Self-Employed Tax Returns
Corporate Tax Returns
If you need help sorting through your options, Keenans Accounting Service is here for you. Just give us a call at 705-526-7628 to arrange a consultation by phone or via Zoom meeting. We are practicing social distancing while working remotely and with reduced staff so please leave us a message and we will get back to you as soon as possible.