CRA extends tax payment deadline to September 30

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.

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.”