Income tax filing and payment deadlines: CRA and COVID-19

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CRA has announced the following information

“You will not be charged late-filing penalties or interest if your 2019 individual (T1) income tax returns are filed and payments are made prior to September 1, 2020. However, we are preserving the June 1 filing deadline for T1 individuals, and the June 15 filing deadline for T1 self-employed individuals (sole-proprietors), in order to encourage filing returns in time to accurately calculate benefits, which rely on 2019 tax returns for entitlement calculation.”

So although the official filing date has not been deferred, they will not be charging interest on any late payments between the filing date of June 1 and September 1.

As well, it was announced the other day that CRA will be deferring T2 corporation income tax returns otherwise due in June, July or August, to Sept. 1.

 

 

 

 

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