CRA extends filing deadlines for corporations and trusts

MBizLink #28

 

To help support businesses impacted by the COVID-19 pandemic, the Canada Revenue Agency (CRA) has extended some of the filing deadlines for corporations and trusts to September 1, 2020.

The CRA will allow all businesses to defer T2 corporation income tax returns that were set to be due in June, July or August, to September 1, 2020. This is in addition to the previously announced deferral of any income tax balance due on or after March 18 and before September 1 to September 1, 2020.

Deadlines for trust returns (T3 trust income tax returns) that would otherwise be due in June, July or August, have also been extended to September 1, 2020. As with the corporate tax balances, any income tax due on or after March 18 and before September 1 will also be due by September 1, 2020.

Earlier this year, CRA extended the tax filing dates for individuals and sole-proprietors. Late-filing penalties or interest will not be charged if 2019 T1 income tax payments are made prior to September 1, with the T1 tax filing deadline for individuals being June 1, and June 15 for T1 self-employed individuals (sole-proprietors).

The CRA offers a number of digital services and online tools to manage a business’ tax and benefit affairs. For more information on all the changes to taxes and benefits related to COVID-19, go to canada.ca/cra-coronavirus.

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