5 Things To Know About The CRA Payment Extension And Interest Relief

On July 27, 2020, the Canada Revenue Agency ("CRA") announced their intention to extend the payment deadline and apply relief to interest on existing debt, understanding that individuals and businesses might be dealing with difficulties in meeting their financial obligations, including paying tax debts they may have incurred prior to the crisis.

1. The CRA is extending payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. This effectively also defers the September 15 personal income tax instalment to September 30.
2. Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. This includes the late-filing penalty as long as the return is filed by September 30, 2020.