Ontario businesses that miss tax return filing or tax remittance deadlines for certain provincial taxes (because of the economic consequences of the coronavirus (COVID-19) pandemic) are provided relief from the imposition of interest and penalties and that relief is now being extended by one month, to 1 October 2020.
Relief from interest and penalties for businesses that miss return filing deadlines or tax payment due dates was announced as part of Ontario’s economic and fiscal update in March 2020. At that time, it was announced that the relief from interest and penalties applied for a five-month period with regard to returns and payments due between 1 April 2020 and 31 August 2020. Read TaxNewsFlash
The tax return filing and remittance deadlines remain the same. However, the relief being provided with respect to interest and penalty assessments is now being extended by one month—to 1 October 2020—for returns and taxes that were due between 1 April 2020 and 31 August 2020.
Specifically, interest and penalties will not apply with regard to businesses between the period 1 April 2020 to 1 October 2020 if they have missed return filing or tax payment deadlines with regard to the following taxes:
Read an August 2020 report prepared by the KPMG member firm in Canada
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