Payment deadlines extended and interest relief on outstanding debts.
Payment deadline extension to September 30.
The CRA is extending the payment due date for individual, corporate, and trust income tax returns, including installment payments, due on or after March 18, 2020 to September 30, 2020 (from September 1, 2020). Penalties and interest will not be charged if payments are made by September 30, 2020. The previously extended filing deadlines remain unchanged; however, CRA will not impose a late filing penalty where returns due on or after March 18, 2020 are filed by September 30, 2020.
Interest on existing tax debt
The CRA is waiving interest on existing tax debts related to individual, corporate, and trust income tax returns from April 1, 2020, to September 30, 2020 and on goods and services tax/harmonized sales tax (GST/HST) returns from April 1, 2020, to June 30, 2020.
For full details see CRA Announcement here.
If you have any questions or concerns, please do not hesitate to contact our team at (519) 673-3141 or through email at info@davismartindale.com.