OTTAWA, O.N. – The Canada Revenue Agency has been closely monitoring the COVID-19 pandemic and has decided to extend the payment deadline and applying relief to interest on existing debt until September 30, 2020.
The extension is for current year individual, corporate, and trust income tax returns which includes installment payments from September 1, 2020, to September 30, 2020. Any penalties and interest will not be charged as long as payments are made by the September 30th deadline.
The CRA is also waiving any interest on existing tax debts that are related to individual, corporate, and trust income tax returns from April 1 to September 30 and from April 1 to June 30 for goods and services tax/harmonized sales tax (GST/HST) returns.
Community Interviews with Moose FM
This, however, does not cancel penalties and interest already assessed on taxpayer’s account prior to this period, it does ensure that existing debt does not continue to grow during this time.
More information can be found on the CRA’s website.