FEDERAL GOVERNMENT COVID-19 TAX UPDATES

CPA Canada is a respected and influential voice relaying matters raised by our members to the Canada Revenue Agency (CRA) and working collaboratively to identify solutions. Be sure to check back regularly for updates.

On July 27, the CRA issued a news release announcing a further extension to the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. The previously extended filing due dates for individual, corporate, and trust income tax returns remain unchanged, however the CRA will not impose late-filing penalties provided the return is filed by 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.