Fraser Valley(with files from CRA/ Financial Post/Osler) – – With the combination of the COVID-19 pandemic, the CERB and economic uncertainty, the filing date for your personal income tax was pushed back from April 30 to June 1.
As with any financial information, always consult your accounting professional.
Individuals
For individuals, the filing due date for 2019 personal tax returns is deferred from April 30, 2020 to June 1, 2020. No late-filing penalties will be applied if returns are filed and payments are made by September 1, 2020.
The deadline to pay any income tax amounts, including tax balances due, as well as installments, that become owing on or after March 18, 2020 and before September 1, 2020 is deferred until September 1, 2020. No interest or penalties will accumulate on these amounts during this period as long as payments are made by the new deadline.
Trusts
For trusts with a taxation year end on December 31, 2019, the filing due date for income tax returns is deferred to May 1, 2020. The filing due date for trusts that otherwise had a filing due date on March 31, or in April or May 2020, is deferred to June 1, 2020. The filing due date for trusts that otherwise had a filing due date in June, July, or August 2020, is deferred to September 1, 2020.
The deadline to pay any income tax amounts, including tax balances due, as well as installments, that become owing on or after March 18, 2020 and before September 1, 2020 is deferred until September 1, 2020. No interest or penalties will accumulate on these amounts during this period as long as returns are filed and payments are made by the new deadline.
Extended filing and payment deadlines
You will not be charged late-filing penalties or interest if your 2019 individual (T1) income tax returns are filed and payments are made prior to September 1, 2020. However, we are preserving the June 1 filing deadline for T1 individuals, and the June 15 filing deadline for T1 self-employed individuals (sole-proprietors), in order to encourage filing returns in time to accurately calculate benefits, which rely on 2019 tax returns for entitlement calculation.
If the 2019 tax return is not assessed in time, benefits and/or credits for the July to September 2020 payments will be based on information from 2018 tax returns. Once the 2019 return is filed, it is possible that the CRA will make adjustments based on the updated income information.
