In response to the economic disruption caused by COVID-19, the deadline for filing personal tax return that was due on April 30, 2020 has been extended to June 1, 2020. If your tax return has a balance owing, you must file by June 1 to avoid a late filing penalty of 5% plus an additional 1% for each complete month the return is late up to a maximum of 12 months.
Taxes owing calculated on the personal tax return are normally due at the same time when the return is filed. However, the tax payment due date for 2019 has been extended to September 1, 2020 as part of the Canada’s economic response plan to provide further alleviation on the taxpayers’ financial burden.
If you are a self-employed individual, tax filing remains due on June 15 without any extension. The GST/HST remittance for 2019 that was due on April 30, 2020 has now been extended to June 30, 2020.
Connect with your accountant today and file your taxes to avoid any late filing penalty.