On Wednesday, the Canadian government announced a number of financial measures to assist Canadian individuals and governments through the COVID-19 pandemic. Part of the new financial measures includes the extended filing deadline for the 2020 tax season, which was previously set for April 30.
Now, Canadians will have until June 1 to submit their income tax return to the CRA. The deadline to pay off any outstanding balances interest-free will also be extended, this time to July 31.
However, the CRA encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.
For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020.
Businesses will also have more time to pay their taxes without paying any interest or penalties. Now, the CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.
This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
For more details on the revised filing deadline, or for income tax filing information, please visit the Doing Your Taxes section of the CRA website.