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.
Caveat: The information in this publication is current as of the time it was written. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Deuzeman & Associates to discuss these matters in the context of your particular circumstances. Deuzeman & Associates does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.