CRA Income Tax Filing and Payment Deadlines

Dear Valued Clients and Friends,

Hope you are all remaining safe and well.

The Canada Revenue Agency has updated their website effective July 27, 2020 with new deadlines which may be applicable to you:

Individuals – Due Dates

Filing Date for the 2019 Tax Year: June 1, 2020 (extension unchanged)
The CRA is seeking tax returns from individuals by June 1, 2020 in order to ensure accurate federal and provincial benefits payments.
This extension also applies to forms T106 and T1135, and any elections, forms and schedules that must be filed with the return.

Payment Date for the 2019 Tax Year: September 30, 2020 (further extended)
Penalties, including late-filing penalties and interest will not be applied if returns are filed and payments are made by September 30, 2020.
This also applies to the June 15, 2020 and September 15, 2020 instalment payments for those who have to pay by instalments.

Self-Employed and Their Spouse or Common Law Partner – Due Dates

Filing Date for the 2019 Tax Year: June 15, 2020 (remains unchanged)
The CRA is seeking T1 returns by June 15, 2020 for sole proprietors in order to ensure accurate federal and provincial benefits payments.

Payment Date for the 2019 Tax Year: September 30, 2020 (further extended)
Penalties, including late-filing penalties and interest will not be applied if returns are filed and payments are made by September 30, 2020.
This also applies to the June 15, 2020 and September 15, 2020 instalment payments for those who have to pay by instalments.

Corporations – Due Dates

Filing Date for the Current Tax Year: June 1, 2020 (extension unchanged)
Applies to corporations that would otherwise have a filing deadline after March 18 and before May 31, 2020.

Filing Date for the Current Tax Year: September 1, 2020 (extension unchanged)
Applies to corporations that would otherwise have a filing deadline on May 31, 2020, or in June 2020, July 2020, or August 2020.This extension also applies to forms T106 and T1135, and any elections, forms and schedules that must be filed with the return.

Payment Date for the Current Tax Year: September 30, 2020 (further extended)
Applies to balances and instalments due on or after March 18, 2020 and before September 30, 2020.
Penalties and interest will not be applied if returns are filed and payments are made by September 30, 2020.

Trusts – Due Dates

Filing Date for the Current Tax Year: May 1, 2020 (extension unchanged) Applies to trusts with a tax year end date of December 31, 2019.

Filing Date for the Current Tax Year: June 1, 2020 (extension unchanged)
Applies to trusts that would otherwise have a filing due date after March 30, 2020 and before May 31, 2020.

Filing Date for the Current Tax Year: September 1, 2020 (extension unchanged)
Applies to trusts that would otherwise have a filing due date on May 31, 2020, or in June 2020, July 2020, or August 2020.
This extension also applies to forms T106 and T1135, and any elections, forms and schedules that must be filed with the return.

Payment Date for the Current Tax Year: September 30, 2020 (further extended)
Applies to income tax balances and instalments due on or after March 18, 2020 and before September 30, 2020.
Penalties and interest will not be applied if returns are filed and payments are made by September 30, 2020.
This also applies to the Part XIII remittance requirement associated with income paid or payable to non-resident beneficiaries.

Part XIII Non-Resident Tax – Due Dates

Filing Date for the 2019 NR4 Information Return: May 1, 2020 (extension unchanged)

Payment Date for the 2019 NR4 Information Return: The 15th of each month following an amount paid or credited by residents of Canada to non- resident persons. (remains unchanged)

Partnership Information Return – Due Dates

Filing Date for the 2019 T5013 Partnership Information Return: May 1, 2020 (extension unchanged)

-> Applies to partnerships that would normally have a March 31, 2020 filing deadline.

Filing Date for the 2019 T5013 Partnership Information Return: June 1, 2020 (extension unchanged)

-> Applies to partnerships that would normally have a filing deadline after March 31, 2020 and before May 31, 2020

Filing Date for the 2019 T5013 Partnership Information Return: September 1, 2020 (extension unchanged)

-> Applies to partnerships that normally have a filing deadline on May 31, 2020, or in June 2020, July 2020, or August 2020.

Other Income Tax Debts – Due Dates

Including:
-> Tax in respect of Registered Investments (Parts X.2)
-> Tax in respect of overpayments to Registered Education Savings Plan (Part X.4) Payments under Registered Education Savings Plan (Part X.5)
-> Tax on Carved-Out income (Part XII.1)
-> Tax on Investment Income of Life Insurers (Part XII.3)
-> Recovery of labour-sponsored funds tax credit (Part XII.5)

Payment Date: September 30, 2020 (further extended)
Applies to balances due on or after March 18, 2020 and before September 30, 2020.

Existing Debt:
The CRA will also waive arrears interest on existing tax debts related to these parts of the Income Tax Act from April 1, 2020 to September 30, 2020.
The CRA will also waive arrears interest on existing tax debts related to GST/HST returns from April 1, 2020 to June 30, 2020.

For more details regarding additional CRA deadlines, please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment- dates.html

This newsletter and the details provided are solely shared for informational purposes and does not constitute legal, tax, or financial advice or opinions. Please do not hesitate to contact your manager for assistance.

Sincerely,

Pramen Prasad CPA, CA, CMA Managing Partner
Prasad & Company LLP