The tax deadline has been extended due to the COVID-19 crisis
TORONTO -- The federal government is giving Canadians more time to file and pay their taxes this year, as a result of the COVID-19 pandemic.On Wednesday, Prime Minister Justin Trudeau announced the Canada Revenue Agency will defer its filing due date for the 2019 tax returns of individuals and certain trusts.
For trusts with a taxation year ending on Dec. 31, 2019, the due date for filing returns has been moved back to May 1.
What’s more, the government will allow people to defer their income tax payments until after Aug. 31, 2020 and before September 2020, with no interest or penalties.
“This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period,” according to the federal government.
Original Article Source Credits: ctv news, https://www.ctvnews.ca/
Article Written By Jackie Dunham
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Link to Original Article: https://www.ctvnews.ca/health/coronavirus/the-tax-deadline-has-been-extended-due-to-the-covid-19-crisis-1.4858098