Canada Revenue Agency extends tax payment deadline

Anyone who owes the Canadian government taxes now have until the end of September to pay them.

Canada Revenue Agency (CRA) says the new tax payment deadline has been extended to Sept. 30.

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This deadline applies to individuals, corporates and trust income tax returns with various deadlines throughout the month.

Late-filing fees are also waived until Sept. 30.

The extension ensures that existing taxpayers’ debts do not continue to grow through interest charges during COVID-19, according to the CRA.

Nevertheless, the CRA is encouraging everyone to file their returns as soon as possible to avoid being cut off from benefits such as the Canada Child Benefit.

“Currently, if a 2019 individual tax return has not been assessed, the CRA is calculating benefits and/or credits for the July to September 2020 payments based on information from 2018 tax returns,” said the CRA in a statement.

“However, if 2019 individual tax returns are not received and assessed by early September 2020, estimated benefits and/or credits will stop in October 2020 and individuals may have to repay the amounts that were issued as of July 2020.”

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