Tax forms. (Supplied by The10and3)

By David Opinko

Extended to Sept. 30

Tax payment deadline extended during COVID-19 pandemic

Jul 27, 2020 | 1:27 PM

The Canada Revenue Agency (CRA) is giving individuals, corporations, and trusts an extra month to pay back any owing taxes this year.

“The CRA understands that individuals and businesses might be dealing with difficulties in meeting their financial obligations, including paying tax debts they may have incurred prior to the crisis,” reads a statement from the CRA.

The deadline for payments due in the current year has been extended from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged until after this.

Interest on existing tax debts is being waved:

• Individual, corporate, and trust income tax returns – accumulated from April 1, 2020, to September 30, 2020
• GST/HST returns – accumulated from April 1, 2020, to June 30, 2020

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The current extended deadline for late filing of tax returns will remain in place. There will not be any penalties for filing individual, corporate, or trust returns before September 30, 2020.

Other previously-announced tax and payment-related measures include:

• Extensions to tax-filing and payment deadlines
• New emergency credits and measures: Canada Emergency Response Benefit (CERB), Canada Emergency Wage Subsidy (CEWS), and Canada Emergency Student Benefit (CESB)
• A one-time special payment to the GST/HST credit and a one-time increase to the Canada Child Benefit (CCB) payment in May
• Reduced minimum withdrawals for Registered Retirement Income Funds (RRIFs)
• Electronic signatures for authorization of certain forms
• Deferring GST/HST remittances and customs duty payments until June 30^th, 2020