Due to the COVID-19 pandemic crisis, the Canada Revenue Agency (CRA) has again extended the deadline for paying your 2019 income taxes, this time to September 30th.
As noted on the CRA website, “The previously extended filing due dates for individual, corporate, and trust income tax returns remain unchanged. However, recognizing the difficult circumstances faced by Canadians, the CRA will not impose late-filing penalties where a current year individual, corporation, or trust return is filed late provided that it is filed by September 30, 2020.”
Don’t Wait To File, Though!
Take note, though, that if you expect to receive benefits like the Canada Child Benefit (CCB) or a GST rebate, the sooner you file your taxes the better. In fact, if you don’t file your 2019 tax return, your benefits will stop in October.
CRA Waiving Interest On Amounts Owed, Too
The CRA is also waiving some interest on amounts already owed by individuals, corporations, and trusts, for the period of April 1-September 30, 2020:
“The CRA is also 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 goods and services tax/harmonized sales tax (GST/HST) returns.”
Existing COVID-19 Measures
Here is a reminder of some of the things that the Federal Government of Canada have provided for financial relief for Canadian citizens:
- Extensions for filing your income taxes/making payments to the CRA.
- The Canada Emergency Response Benefit (CERB), the Canada Emergency Student Benefit (CESB), and the Canada Emergency Wage Subsidy (CEWS).
- A one-time GST/HST credit payment and a one-time increase for the CCB.
- Reduced minimum withdrawals for Registered Retirement Income Funds (RRIFs).
- Allowing electronic signatures as the authorization for some forms.
- GST/HST remittances and customs duty payments until June 30th, 2020.
Let Us Be Your Guides
There are many things going on with our businesses, our finances, and our taxes these days. Our experienced accounting staff at Shaw & Associates are keeping current with all of the changes, and would love to guide you and your business through these choppy waters. Here’s an uplifting video of five lessons small business owners have learned during the COVID-19 pandemic crisis:
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.