Income tax payment deadlines extended to September 30

Income tax payment deadlines extended to September 30

Income tax payment deadlines are once again being extended by the CRA and Revenu Quebec

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Income tax payment deadlines are once again being extended by the CRA and Revenu Quebec, with the CRA now also offering interest relief on certain outstanding tax debts during the COVID-19 pandemic. September 30, 2020 is the new payment due date for individual, corporate, and trust income tax returns, including instalment payments, which previously had an extended payment deadline of September 1, 2020 for federal and Quebec income tax purposes.

The CRA is also waiving arrears interest that would have accumulated between April 1, 2020 and September 30, 2020 on certain existing income tax debts related to individual, corporate, and trust income tax returns. The CRA is offering similar relief on arrears interest on existing tax debts for GST/HST returns from April 1, 2020, to June 30, 2020. Furthermore, the CRA is also extending the payment deadline for certain other income taxes and offering related interest relief for those taxes.

In addition, even though the previously extended filing due dates for individual, corporate, and trust income tax returns remain unchanged, taxpayers may be relieved to know that the CRA says it will not impose penalties and interest (including late-filing penalties) if taxpayers file their income tax return and make their tax payments by September 30, 2020. Revenu Quebec has not yet said whether it will also provide this same relief.

Download this edition of the TaxNewsFlash to learn more.

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