Income Tax Payment Deadline 2020
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The CRA has further extended the payment due date for 2019 individual tax returns. 2019 or 2020 corporation, or trust returns, as well as for installment payments, from September 1, 2020, to September 30, 2020. This does not change the filing deadlines that were originally announced. If a return was not filed on time and the balance owing remains unpaid as of September 30th, late filing penalties may apply.
The CRA will also waive arrears interest on existing tax debts related to the individual, corporation, and trust income tax returns from April 1, 2020, to September 30, 2020, and from April 1, 2020, to June 30, 2020, for Goods and Services Tax/Harmonized Sales Tax (GST/HST) returns. 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 does ensure that a taxpayer’s existing tax debt will not grow through interest charges during this difficult time.
CRA is resuming its collections activity this fall. Collections officers from the debt management call center will begin contacting individuals and businesses with a balance owing to discuss and re-evaluate their financial situation.