As part of the federal government’s COVID 19 Response Plan, CRA extended the payment date deadline for previous tax amounts owing and current instalment payments until September 30th, 2020. For individuals, including those that are self-employed, any amounts that are still owing for 2019 now must be paid by the 30th of September, along with any individuals who deferred tax instalments that were originally due by June 15th and September 15th for the 2020 tax year.
For corporations and trusts, this September 30th date now applies to any balances and tax instalments that were originally due on or after March 18th. CRA has mandated that no penalties or interest will be applied if all amounts owing, both balances and instalments, are paid by September 30th, 2020. To help determine whether a personal and/or corporate tax payment needs to be made and to ensure accuracy, please contact your accountant or your TPC Financial Group advisor for assistance.