2019 Federal Tax Deadline

 

The Federal Government has extended the payment due date for individual, corporation and trust income tax returns (including instalment payments) to September 30, 2020, from September 1, 2020, for the 2019 tax year. Penalties and interest (including late filing penalties) will not be charged if payments are made and the return is filed by the extended deadline of September 30, 2020.

 

Interest on Existing Tax Debt

The CRA is also waiving interest on existing tax debts as follows:

Tax Debt
Waiver of Interest Period
Individual, corporate and trust income tax returns
April 1, 2020 – September 30, 2020
GST / HST returns
April 1, 2020 – June 30, 2020

 

Please note this measure does not cancel penalties and interest already assessed on a taxpayer’s account prior to this period.

 

Provincial Announcements – Quebec

The Quebec government has mirrored the federal announcement by extending their deadline for the payment of taxes owing to September 30, 2020. They are also waiving interest on existing tax debts during the period of March 17, 2020 to September 30, 2020.

 

What Does This Mean?

Taxpayers and businesses should still do their best to file as soon as possible if they have not already done so. This is especially important for individuals to ensure benefit and credit payments that require 2019 return information are not adversely impacted. If a 2019 individual tax return has not been assessed, the Canada Revenue Agency is calculating benefits and / or credits for the July to September 2020 payments based on information from 2018 tax returns.

 

However, if the 2019 individual tax returns are not received and assessed by early September 2020, estimated benefits and/or credits will stop in October 2020, and individuals may have to repay the amounts that were issued as of July 2020. Further, if you anticipate a refund, the earlier you file, the earlier the refund can be processed.

 

This situation is dynamic and government programs can change. For recent updates and relevant content, visit our COVID-19 Latest News and Updates page at cdspi.com/covid19.

 

In challenging times like these, we invite you to contact one of our Investment Planning Advisors* to find out how a financial plan can help manage uncertainty and provide peace of mind.

 

1.800.561.9401 | investment@cdspi.com

 

*Investment Advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions may apply to advisory services in certain jurisdictions.

The above information should not be considered personal financial, investment, taxation, legal, accounting or similar professional advice. For specific advice about your situation, please consult a tax, accounting, legal or financial professional.

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