The COVID-19 pandemic has been hard on many businesses and individuals. For this reason, the Canada Revenue Agency (CRA) extended the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments to September 30, 2020. This means that if payments are made by this date, penalties and interest will not be charged.
The extended deadline – September 30th – is approaching.
The 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 this date.
Existing Debt: The CRA is also 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. This does not cancel penalties and interest already assessed on a taxpayer’s account prior to this period, but it ensures that existing tax debt does not continue to grow through interest charges.
To learn about this and other CRA relief measures, you can visit their website here: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html