It appears the tax payment deferral is only on Part 1 tax, but we are still waiting for some clarifications. Corporate tax returns that are due after March 18 are now due by June 1. For businesses, the deadline for any balance owing or due after Maand before Septemhas been extended to September 1, 2020.For self-employed Canadians, the deadline to pay any balance due to individual income tax and benefit return has been extended to September 1, 2020.According to the Canada Revenue Agency, this means individuals will not be assessed any penalties or interest if their balance due is paid by September 1, 2020. The deadline to pay any balance due for individual income tax is also being pushed out from April 30, to September 1. Personal tax returns had to be filed by April 30, but are now being deferred until June 1.What changes has the Government of Canada made to the income tax filing and payment dates for the 2019 tax year?įor almost everyone, the Government of Canada has pushed the date that tax returns need to be filed, as well as the deadline to pay any balance due. Below is an edited Q&A from that conversation.
To find out more about what these changes mean for Canadians and Canadian businesses, we spoke with Tannis Dawson, Vice President of High Net Worth Planning, and an expert on income tax in Canada. If for any reason, you do not believe that meeting your company’s or trust’s return date is possible, we encourage you to reach out to your Bateman MacKay Account Manager to discuss alternatives.Last week, the Government of Canada announced it would be giving Canadians more time to file and pay their 2019 income taxes as a result of COVID-19. T3 Trust Income Tax Return for March 31, April 30, or May 31 year-endĪt Bateman MacKay, we are still aiming to complete all of our clients’ T2 Corporate Income Tax Returns and T3 Trust Income Tax Returns by their original deadlines to give clients a better understanding of their tax obligations so that they may plan accordingly during these uncertain times. September 1, 2020, for any income tax balance due on or after March 18, 2020, and before September 1, 2020. T2 Corporate Income Tax Return for Dec 31, Jan 31 or Feb 28 year-end As of May 25 th, the deadlines to file Corporate Income Tax Returns and Trust Income Tax returns are extended to September 1, 2020.
These deferrals included T2 Corporate Income Tax Returns and T3 Trust Income Tax Returns where the balances became due after March 18, 2020. In mid-March, the Federal Government announced a number of interest and penalty-free tax payment deferrals to September 1, 2020.
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