The Canadian personal tax season was nearly complete.
Accountants all over Canada were working overtime to prepare 2019
T1 returns for clients to meet the extended filing deadline of June
1, 2020 (even though the tax payment deadline was extended to
September 1, 2020, the return still had to be filed by June 1).
Then the Canada Revenue Agency ("CRA") threw a few more
curveballs and announced another two sets of filing deadline
extensions!
The
update provides that the T1 personal tax return filing deadline
is still June 1, 2020, but the CRA will not assess late filing
penalties or interest if the return is filed by September 1, 2020.
That is a rather odd way of mandating returns to be filed timely
(by June 1). It is like if you were told the speed limit on a road
is 50km/hr, but the police will not issue tickets unless you were
going faster than 80km/hr, what speed would you go? For many, that
would be 80km/hr.
