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COVID-19 — Canada stretches tax assessment periods

COVID-19 — Canada stretches tax assessment periods

Taxpayers may be affected by new extensions to the periods that they may be assessed or reassessed by the CRA.

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Taxpayers may be affected by new extensions to the periods that they may be assessed or reassessed by the CRA. The government has temporarily extended certain tax deadlines and time limits up to six months due to COVID-19, including the period during which the CRA can assess or reassess a taxpayer's obligations for income tax and GST/HST. Taxpayers should consider how this change to the statute-barred period may affect their rights and obligations.

In addition to this extension for statute-barred periods, the government has also postponed the filing deadline for certain Scientific Research and Experimental Development (SR&ED) claims and will allow taxpayers additional time to apply for an extension to file a notice of objection (although there is no extension to the 90-day period to file the notice itself).

Download this edition of the TaxNewsFlash to learn more.

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