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Income Tax Filing and Payment Dates

Dear Valued Clients,

Hope you and your families are all keeping safe and well.

In response to COVID-19, the Canada Revenue Agency has made some important changes to the Income Tax Filing and Payment Dates, as of March 28, 2020.

We are sharing those updates straight from the CRA website: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing- payment-dates.html

Individuals – Due Dates

Filing date for 2019 tax year - June 1, 2020 (extended)

Payment date for 2019 tax year - September 1, 2020 (extended): Penalties and interest will not be charged if your balance due is paid by September 1, 2020.

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

Filing date for 2019 tax year - June 15, 2020 (unchanged)

Payment date for 2019 tax year - September 1, 2020 (extended): Penalties and interest will not be charged if your balance due is paid by September 1, 2020.

Corporations – Due Dates

Filing date for current tax year - 6 months after your tax year end (unchanged)

Payment date for current tax year - September 1, 2020 (extended): Applies to balances and instalments under Part 1 of the Income Tax Act due on or after

March 18, 2020 and before September 1, 2020: Penalties and interest will not be charged if these amounts are paid by September 1, 2020.

Trusts – Due Dates

Filing date for current tax year - May 1, 2020 (extended): Applies to trusts with a tax year end date of December 31, 2019.

Payment date for current tax year - September 1, 2020 (extended)
1, Applies to income tax balances and instalments due on or after March 18, 2020 and before September 1, 2020.
2. Penalties and interest relief will be considered on a case-by-case basis for income tax balances that are not covered by the COVID-19 relief provisions.

Charities – Due Dates

Filing date - December 31, 2020 (extended): Applies to charities with Form T3010 due between March 18, 2020 and December 31, 2020

Payment date - Not Applicable

Part XIII Non-Resident Tax – Due Dates

Filing date for the 2019 NR4 information return - May 1, 2020 (extended)
Payment date - The 15th of each month following an amount paid or credited by residents of Canada to non- resident persons (unchanged)

Payroll Remittances – Due Dates

Payment date - For more information on filing deadlines, please visit the CRA's Payroll Page:

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/remitting-source-deductions/how-when-remit- due-dates.html#smmry

This newsletter and the details provided are solely shared for informational purposes and does not constitute legal advice or opinion. Please do not hesitate to reach out to your manager with any questions.

Sincerely,
Prasad & Company LLP

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