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COVID-19 — New tax filing extensions and relief

COVID-19 — New tax filing extensions and relief

New extended tax return filing deadlines have recently been announced by the CRA, Revenu Quebec and Alberta Tax and Revenue Administration (TRA).

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New extended tax return filing deadlines have recently been announced by the CRA, Revenu Quebec and Alberta Tax and Revenue Administration (TRA). Under these extensions, certain trusts and corporations with tax returns otherwise due in June, July or August 2020, may now file those returns by September 1, 2020. The CRA has also announced a broader extension to September 1, 2020 of most information returns, elections, designations and information requests otherwise due in June, July or August 2020. The CRA and Revenu Quebec have also announced new interest and penalty relief for certain individuals and trusts who are unable to file their 2019 personal tax returns on time.

Notably, individual filers should remember that no further extensions to the June 1, 2020 deadline for filing personal income tax returns for the 2019 taxation year have been announced by either the CRA or Revenu Quebec, and the June 15, 2020 filing deadline for self-employed individuals has likewise not been extended further. However, both tax authorities now say that they will not assess interest or late-filing penalties for taxpayers who file their tax returns and pay their taxes owing by September 1, 2020.

Download this edition of the TaxNewsFlash to learn more.

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