Extended Income Tax Filing and Payment Deadlines

In response to the COVID-19 pandemic, the Canada Revenue Agency (“CRA”) has extended various deadlines for income tax filing and payment, as summarized below:

The May 1, 2020, filing date for trusts applies to trusts with a year end of December 31, 2019. This deadline is extended to June 1, 2020, for trusts that would otherwise have a filing due date in April or May 2020. The June 1, 2020, filing date for corporations applies to corporations that would otherwise have a filing due date after March 18 and before June 1, 2020. The September 1, 2020, payment date applies to balances and instalments under Part I of the Income Tax Act due on or after March 18 and before September 1, 2020. Penalties and interest will not be charged if the deferred payment requirements are met by September 1, 2020.

Taxpayer Relief

Taxpayers who cannot file a return or make a payment by the extended filing and payment deadlines because of the pandemic can apply for relief from the applicable interest and penalties. The CRA’s Taxpayer Relief Program is intended to resolve issues that arise when a taxpayer, because of personal misfortune or circumstances beyond their control, cannot comply with a legal requirement for tax purposes. Once business operations resume, the CRA’s Taxpayer Relief Program will review requests related to COVID-19 on a priority basis.

The foregoing information provides only an overview of these extended deadlines as of the date this information has been provided. Specific legal advice should be obtained. If you have questions in the above regard, please contact Alanna Mar at (613) 566-2273 or [email protected].