On July 27, 2020, CRA announced further extensions of tax payment due dates, from September 1, 2020 to September 30, 2020, for individual, corporation and trust income tax returns. This applies to any income tax balance due on or after March 18 and before September 30, 2020.

This extension to September 30, 2020 also applies to all tax instalment payments that were previously due by September 1, 2020, as well as the September 15, 2020 personal tax instalment.

The previously extended filing due dates for individual, corporation and trust income tax returns remain unchanged.

CRA also announced that 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 as long as the return is filed by September 30, 2020.

CRA will also be waiving 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 GST/HST returns.

For further details, please see CRA’s release regarding revised income tax filing and payment deadlines.

It is possible that the late filing penalty relief may be more generous than noted above as the press release includes the statement “the CRA will not impose late-filing penalties where a current year individual, corporation, or trust return is filed late as long as it is filed by September 30”. This broad sentence does not specify when payment needs to be made or define “current year return”, but it would be prudent to ensure you file and pay by September 30 to be clearly within the stated parameters.

Please contact your Shimmerman Penn advisor for further guidance and to discuss your particular situation.

The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Accordingly, the information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. While we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Again, no one should act upon any information contained herein without seeking appropriate professional advice after a thorough examination of their particular situation.