2019 Tax Filing Update

March 18, 2020 Published by
Post Categories: UncategorisedHSS BlogAdvice For YouCOVID-19

On March 18, 2020, the Government of Canada announced that the Canada Revenue Agency will defer the filing deadline for personal income tax returns from April 30, 2020 to June 1, 2020.

However, if you are expecting a refund we recommend filing your return as soon as possible.

As well, if you are entitled to the Goods and Services Tax (GST) Credit or the Canada Child Benefit, you should not delay filing your return. Timely filing will ensure that your benefits for 2020-2021 are properly calculated.

As well, trusts with a taxation year ending on December 31, 2019 will have the tax filing deadline postponed to May 1, 2020.

The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18, 2020 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.