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 is a public accountant specializing in providing accounting, bookkeeping and tax services to Small Business owners and individuals. She has more than ten years of professional experience in public accounting fields and a bachelor’s degree in Business Accounting. Anna is the founder and CEO of Taxory, an accounting firm located in Ontario, Canada.