Temporary changes to tax payment & filing deadlines

IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

The Canadian Federal government has announced some temporary extensions to tax filing and payment deadlines to ease stress and cash flow during the COVID-19 crisis.  Updated with new deadlines on July 29.

* = Updated

Here’s the outline from the video:

  • Changes to Tax Payments
    • Eligibility Criteria
      • All individuals and Canadian Controlled Private Corporations
    • Application
      • None needed
    • Benefits
      • Any income tax amounts that become due from 18 March to 31 August are Deferred until 30 Sept.*
      • No interest or penalties will be applied during this period.
      • GST/HST/QST payments due March 27 to May 31 deferred until June 30
    • Issues
      • No change to payroll filing or remittances – presume that standard dates apply
    • Recommendations
      • DON’T PAY until the extended deadline to maintain cash flow
      • If you have it, put the cash in a separate savings account
  • Changes to Tax Filing
    • Eligibility Criteria
      • Non self-employed individuals
    • Application
      • None needed
    • Benefits
      • T1 Tax return filing deadline extended from April 30 to June 1 (* CRA have advised that no late filing penalties will be applied if return is filed and paid by Sept 30*)
      • * T2 filing deadline for CCPC Sept, Oct and Nov year ends is June 1
      • * T2 filing deadline for CCPC Dec, Jan & Feb year ends have been extended to Sept 30*
    • Issues
      • No changes to
        • GST filing (* no late filing penalties will be applied if return is filed and paid by June 30)
    • Recommendations
      • Get your tax returns filed as early as possible, especially if you are eligible for GST Credits or Canada Child Benefits or expect a refund

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