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CRA Tax Extension For Corporation September 20, 2020

Payment Deadline extension for corporations and individuals

CRA extended tax and installments payment due date for corporate, trusts, and individual income tax returns. The previous extension date was September 1, but the new date is September 30, 2020

Penalties and interest

The interest will not be charged on existing debts for tax returns from April 1, 2020, to September 30, 2020. For the GST/HST returns, the interest will not be charged for returns from April 1, 2020, to June 30, 2020.

If you already have interest and penalties for your account before the period above, it is not going to cancel, but it will not continue to grow.

Regardless of the extension, the CRA encourages everyone to file their individual, corporate, and trust returns as soon as possible. This is particularly important for individuals receiving credits and benefits, such as the Canada Child Benefit.

Anna Grigoryan

Anna Grigoryan is an independent public accountant and the founder of Taxory - a small business accounting firm, located in Mississauga, Ontario. Anna provides accounting, bookkeeping and taxation services in Mississauga, Milton, and GTA.

About Taxory

Taxory is a small business accounting firm providing services in Mississauga and GTA. Our accounting services are available in English and Russian.

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1795 Hyde Mill Cres
Mississauga, ON L5N 0A7