The Canadian Revenue Agency has extended the tax payment deadline to September 30. The extension includes individuals, trusts and corporations that previously had differing deadlines.
If payments still haven't been made to the CRA by the new deadline, interests and penalties will accrue for owed taxes.
The deadline was extended by the Liberals in order to keep money in the economy during the coronavirus pandemic.
The deadline to pay your 2019 taxes has been extended again to September 30th ?Important info below if you haven’t filed yet? #CdnTax 1/2 pic.twitter.com/K2m02QM4lp
— Canada Revenue Agency (@CanRevAgency) July 27, 2020
People who do not file their taxes on time may lose income-tested benefits such as the Canada Child Benefit.
“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,” said the tax agency in a press release.
“While this measure for existing tax debts does not cancel penalties and interest already assessed on a taxpayer’s account prior to this period, it ensures that a taxpayer’s existing tax debt does not continue to grow through interest charges during this difficult time. This measure provides immediate relief to impacted taxpayers.”
