Last week, CRA announced the following:
Payment Deadline Extension
- They will be extending the payment due date for current year individual, corporate and trust income tax returns, including installment payments, from September 1, 2020 to September 30, 2020.
- Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020 (includes the late-filing penalty provided return is filed by September 30, 2020).
Interest on Existing Tax Debt
- They will be waiving interest on existing tax debts related to individual, corporate and trust income 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.
- The previously extended filing due dates for individual, corporate and trust income tax returns remain unchanged. However, CRA will not impose late-filing penalties where a current year individual, corporation or trust return is filed late provided that it is filed by September 30, 2020.
Should you have any questions or feedback, please reach out to myself or the team. As always, we are here to help and support you.