Revised 2020 Corporate and Personal Tax Deadlines
Due to the COVID-19 pandemic, CRA has announced revised tax filing and payment deadlines.
Personal Tax Deadlines
PERSONAL TAX RETURNS (EXCLUDING SELF-EMPLOYED)
If you and/or your spouse do not earn self-employment income, then your tax return deadline will be deferred until June 1, 2020. The deadline to pay any balance due has been extended to September 1, 2020. This means you will not be assessed any penalties and interest if your balance due is paid by September 1, 2020.
SELF-EMPLOYED
If you and/or your spouse were self-employed or earned business income in 2019, then your tax return is still due Monday June 15, 2020.
However, the deadline to pay any balance due has been extended from April 30, 2020 to September 1, 2020.
Corporate Tax Deadlines
CORPORATE TAX RETURNS
Corporate tax return filings are due 6 months after the year-end.
For example, a December 31, 2019 year end would have a June 30, 2020 filing due date.
CORPORATE TAXES OWING
The due dates for balances owing are earlier than the due dates for actually filing the tax returns. For Canadian Controlled Private Corporation, corporate taxes are due 3 months after the year-end.
The deadline for businesses to pay any income tax amounts that become owing or due after March 18, 2020 and before September 1, 2020 has been extended to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.
GST Deadlines
MONTHLY FILERS
When GST returns are filed monthly, the return and amounts owing are due 1 month after the end of the reporting period. For example, a December 1-31 filing period means the return is due January 31st.
QUARTERLY FILERS
When GST returns are filed quarterly, the return and amounts owing are due 1 month after the end of the reporting period. For example, a October 1 - December 31 filing period means the return is due January 31st.
ANNUAL FILERS (EXCEPT INDIVIDUALS WITH DECEMBER 31 YEAR-ENDS)
When GST returns are filed annually by a business that is not an individual, the return and amounts owing are due 3 months after the reporting period end date. For example, a January 1, 2019 - December 31, 2019 filing period means the return is due March 31, 2020..
ANNUAL FILERS (INDIVIDUALS WITH DECEMBER 31 YEAR-ENDS)
Individuals who file GST annually and have December 31 as their fiscal and tax year-ends have slightly different due dates. They mirror the tax due dates for self-employed individuals. Due dates for 2019:
GST owing due April 30, 2020 has been extended to June 1, 2020
Filing of the GST return is due June 15, 2020
Contact Us
If you have any questions or need clarification about when something is due, contact Mike by clicking here.
We look forward to keeping you organized and ensure no deadlines are missed!
Reference: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html