COVID-19 tax due dates and deadlines

The government is doing whatever it can to help individuals and businesses alike through this global, economic, and social disturbance that COVID-19 has brought. Apart from offering the CERB and other benefits, tax deadlines are also deferred to help individuals who are struggling financially.

Below is a comprehensive list of the various taxes and their new due dates.

New Due Date for Personal Taxes COVID-19

The personal income tax return filing due date was April 30, 2020, but due to COVID-19, the new personal income tax return filing date is now June 01, 2020.

The due date to make personal income taxes payable is Sep 01, 2020. Interest and penalties will not be charged if the deferred payment date is meet.

New Due Date for Self-Employed Taxes COVID-19

The self-employed tax due date has not changed and is still June 15, 2020.

There is good news, however, for the self-employed tax payable date. It was April 30, 2020, but due to now, it is September 01, 2020. Interest and penalties will not be charged if the deferred payment date is meet.

New Due Date Corporate tax return COVID-19

Generally, the corporate tax return is always due after six months of your corporation’s yearend. Let’s take an example if your corporation year-end is December 31, 2018, then your due date will be 6 months later, June 30, 2019. But do not forget your corporate taxes payable date will be March 31, 2019.

Due to COVID-19, the corporate taxes payable date has extended. Any corporation that needs to file between March 18, 2020 -May 31, 2020, can defer their payment until no later than June 01, 2020.

The corporate income tax payable date is Sep 01, 2020. Any installments coming from March 18, 2020 – August 31, 2020, are deferred.

New Trust tax return due date COVID -19

The Trust tax return is always due on March 31 but due to COVID-19, the Trust tax return due date is now May 01, 2020.

New non-resident tax return due dates COVID-19

Non-residents are still required to remit 25% of gross rent from their properties every following month before the 15th. However, the due date to apply for NR4 Pro-forma has been changed from March 31, 2020, to May 01, 2020.

Payroll remittance to CRA Changes due to COVID-19

 The CRA is granting businesses a 75% subsidy to help them keep their employees at work.

How to calculate subsidy?

If you have 5 employees and their monthly salary is $4100 and the total monthly payroll is $20,500, the subsidy would be 75% of $20500 or $15375. 

If your total remittance is $4000 but you have a subsidy of $2050 then your payable to CRA will only be $2000.

New Partnership tax return due date COVID-19

The Partnership due date is always March 31 but due to COVID-19, the due date has been changed and now is May 01, 2020.

During this pandemic, health and safety come above everything else. All Canadians have been granted more time to pay their taxes. However, it is highly recommended that you file your income tax return as soon as possible to make sure your benefits and credits are not interrupted and that you get your tax return faster.

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