COVID-19 FINANCIAL IMPACT UPDATE – SEPTEMBER 29, 2020

We have previously advised of extensions to payment deadlines for individuals and corporations as announced by CRA in July. Clients should note that the payment extension deadline ends September 30, 2020. Clients are advised to make payments to avoid interest and penalty charges.

Below please find the details of the announced extensions as provided in our September 1, 2020 communication.

CRA PAYMENT DEADLINES

CRA extended the following payment deadlines to September 30th:

Individuals 

  • 2019 individual tax return balances owing
  • Installment payments for June 15 and September 15th

Corporations 

  • Corporate tax balances due on or after March 18 and before September 30, 2020
  • Corporate tax instalment payments that were due on or after March 18th and before September 30th

Trusts

  • 2019 trust tax return balances owing
  • Installment payments for June 15 and September 15th

Note that the CRA will not charge late-filing penalties where a 2019 individual return or a 2019 or 2020 corporation, or trust return is filed late as long as it is filed by September 30, 2020.

The CRA will also waive arrears interest on existing tax debts related to individual, corporation, 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. While this measure for existing tax debts does not cancel penalties and interest already assessed on a taxpayer’s account prior to this period, it will ensure that a taxpayer’s existing tax debt will not grow through interest charges during this difficult time.

For further detailed information, please refer to CRA’s website:  https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html


Please note that due to the rate at which the current COVID-19 situation is changing, and the response by government to feedback on its initiatives, the information contained in this update is accurate as of the release date indicated above.

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