The Government of Canada announced one week ago that tax-filing and payment-deadlines for individuals, businesses and charities have been adjusted and extended due to the emerging COVID-19 threat. In addition, the Canada Revenue Agency (CRA) has adjusted some of their standard procedures to ensure that Canadians are able to file taxes safely.
Here is what you need to know when it comes to deadline changes for tax filing in Canada right now:
Individual Tax Returns—
- The deadline to file your income tax and benefit return has been extended to June 1, 2020.
- The deadline to pay any balance for your individual income tax and benefit return for 2019 has been extended from April 30, 2020 to September 1, 2020. Meaning, you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.
Self-employed and Their Spouse/Common Law Partner—
- The deadline to file your tax and benefit return remains June 15, 2020.
- The deadline to pay any balance due for your individual income tax and benefit return has been extended to September 1, 2020.
Businesses—
- The deadline for businesses to pay any income tax amounts that become owing or due after March 18, 2020 and before September 1, 2020 has been extended to September 1, 2020. Meaning you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.
Trusts—
- For trusts with a taxation year end of December 31, 2019, the filing due date of March 31, 2020 will be deferred to May 1, 2020.
- All trusts that have an upcoming income tax balance due date or an income tax instalment payment due date before September 1, 2020, will have their payment due date effectively extended to September 1, 2020.
- Penalty and interest implications for upcoming trust tax obligations not described above will be considered by the CRA on a case-by-case basis.
Charities—
- The filing deadline has been extended to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020.
Here is what you need to know when it comes to filing method changes for tax filing in Canada as of this writing:
Electronic Signatures—
- CRA is now recognizing electronic signatures as having met the signature requirements of the Income Tax Act.
KB Accounting Services Inc. (KBA) has an easy-to-use online tax preparation system that allows Canadians to file income taxes from the comfort of their homes. All forms are readily available through KBA’s website. KBA has a full audit support and review team dedicated to each income tax return where individuals are advised of any missing eligible expenses. All filings are double-checked by two team members, ensuring each filing is receiving the maximum return possible while adhering to CRA’s strict guidelines.
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