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PrimeGlobal member firm Shimmerman Penn discusses the extension of filing deadlines due to Covid-19.
In this ever-changing environment of COVID-19, the Canada Revenue Agency has recently announced new extensions for personal and corporate tax return filings, to provide relief to taxpayers.
The deadline for most individuals to file their 2019 personal tax return was previously extended to June 1, 2020.
The deadline for self-employed individuals and their spouse or common-law partner to file their tax returns is June 15, 2020. The deadline to pay amounts owed for 2019 had also been extended to September 1, 2020, for all individuals.
The CRA has now announced that they will not assess penalties and interest if payments are made andthe tax return is filed by September 1st. This personal waiver includes T1135 (foreign asset holdings) returns and any elections, forms or schedules required to be filed with the return, provided they are filed by September 1.
In addition, if you pay your personal tax by instalments, the June 15th payment due date was extended to September 1st.
The CRA has announced that the filing deadline for Corporate T2 income tax returns that would have otherwise been due in June, July or August 2020 is now extended to September 1st.
This chart summarizes the impact of these extensions:
The corporate extension waiver includes T1135 (foreign asset holdings), T106 (transactions with non-arm’s length non-residents) returns, and any other elections, forms or schedules required to be filed with the return.
As previously announced, any income tax balance due on or after March 18 and before September 1 will also be due by September 1, 2020.
Shimmerman Penn LLP
Shimmerman Penn is much more than an accounting firm. We are trusted advisors to our clients, offering a full range of financial, taxation and business advisory services. With niche experience in a variety of industries, we bring more than 30 years' experience to understanding their businesses and unique requirements. Through our membership in PrimeGlobal, we offer our clients international reach combined with the personal approach of a mid-sized, Toronto firm.Learn more