CRA extends income tax deadlines in light of COVID-19 crisis

Feds also introduced new benefits such as Canada Emergency Response Benefit

CRA extends income tax deadlines in light of COVID-19 crisis

In light of the COVID-19 pandemic, the Canada Revenue Agency has extended the deadline for filing income tax returns to June 1, 2020, and the deadline for payment of income tax to Sept. 1, 2020, for both individuals and corporations.

Certain tax-related due dates applicable to self-employed individuals, non-residents, trusts, charities and information returns have also been extended.

These changes in tax measures and economic benefits have been continuously rolled out ever since the federal government announced that it would be launching its COVID-19 Economic Response Plan to stabilize the economy and to support Canadians and businesses who are struggling in the face of the pandemic.

The government is also introducing new benefits and support, as well as strengthening existing ones. The Canada Emergency Response Benefit extends $2,000 per month for up to four months for workers who have lost income because of the COVID-19 crisis. Eligible employers can also avail themselves of a temporary wage subsidy for a period of three months.

The government has also implemented changes to the amounts paid under the Goods and Services Tax credit and the Canada Child Benefit, and has reduced the minimum requirement for Registered Retirement Income Funds withdrawals.

Other changes introduced by the government include the suspension of collection activities on new debts and reduced interaction initiated by the CRA for post-assessment GST or HST or income tax audits with respect to small or medium businesses. The CRA will also be temporarily considering electronic signatures as complying with the signature requirements under the Income Tax Act.

News updates from the Canada Revenue Agency in relation to the COVID-19 outbreak may be monitored here.

Recent articles & video

First Nation's land entitlement claim statute-barred, but SCC finds treaty breach by Crown

Five firms dominating M&A activity in Canada in recent years

Ontario Superior Court upholds jurisdiction in class action suit against crypto platform Coinbase

BC Supreme Court dismisses shopping mall slip and fall case due to inexcusable delay

Saskatchewan Court of Appeal halts arbitration in pension plan dispute

Ontario Superior Court asserts jurisdiction in child custody dispute

Most Read Articles

ESG-related legal risk is on the rise, says KPMG's Conor Chell

Roundup of law firm hires, promotions, departures: April 8 2024 update

Why this documentarian profiled elder rights advocate Melissa Miller in Hot Docs film Stolen Time

US law firm Weil, Gotshal & Manges to end mainland China operation