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Tax Payments & CEWS Extended


PAYMENT EXTENSION

July 27, 2020 Payments for:

  • Current year individual tax balances

  • Current year corporate tax balances

  • Current year trust tax balances

  • Including instalment payments that were due after March 18th, have been extended to September 30th

For example:

  • 2019 personal tax balance due (typically payable April 30th) has been extended to September 30th without incurring additional interest or penalties

  • 2020 personal tax instalments due June 15th and September 15th have been extended to September 30th

Late filing penalties will not be assessed on personal, corporate and trust income tax returns as long as the returns are filed by September 30th. For example:

  • 2019 personal tax return (normally due April 30th), the filing deadline was extended to June 1st however, as long as it is filed by September 30th, no late filing penalty will be assessed

Waiving of interest on existing tax debt until September 30th:

  • Tax debt owing on individual, corporate and trust income tax returns that were due between April 1st and September 30th, no interest will be assessed

  • Goods and Service (GST/HST) tax debt on returns that were due between April 1st and June 30th, no interest will be assessed 

The government is encouraging everyone to file their individual, corporate and trust returns as soon as possible, even though the payment deadlines are being extended. This is of particular importance to individuals who are eligible for credit programs such as the Canada Child Benefit, GST Credit, Trillium Benefit and Guaranteed Income Supplement. These benefits will be temporarily suspended in October 2020 if the returns are not filed and assessed. For further information see the following link: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html

CEWS EXTENDED

July 27, 2020

The House of Commons passed bill C-20 on July 21st which has extended the Canada Employee Wage Subsidy to November 21st. The calculations are complex and open up the eligibility for more businesses. We are working through these changes and will provide more details shortly.



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