FOR IMMEDIATE RELEASE July 28, 2020
Canada Revenue Agency Update
OTTAWA: Gerald Soroka, Member of Parliament for Yellowhead, would like to inform constituents that the Canada Revenue Agency (CRA) is extending the payment deadline and applying relief to interest on existing debt. The payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. This includes the late-filing penalty if the return is filed by September 30, 2020.
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 will also be waived. While this measure for existing tax debts does not cancel penalties and interest already assessed on a taxpayer’s account prior to this period, it ensures that a taxpayer’s existing tax debt does not continue to grow through interest charges during this difficult time. This measure provides immediate relief to impacted taxpayers.
The previously extended filing due dates for individual, corporate, and trust income tax returns remain unchanged. However, the CRA will not impose late-filing penalties where a current year individual, corporation, or trust return is filed late if it is filed by September 30, 2020.
Remember to file your individual, corporate and trust returns as soon as possible, even though payment deadlines are being extended. This is particularly important for individuals receiving credits and benefits, such as the Canada Child Benefit.