Tax payment deadline extension #2

Jul 28, 2020 | Jeremy Goldfarb


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From the planning desk

 

The CRA has extended the tax payment deadline for 2019 tax year related payments from its previously extended date of September 1, to a newly extended date of Sept 30. The CRA is also waiving interest on existing tax debts related to individual, corporate and trust income tax returns from April 1 to Sept. 30, and for GST/HST returns from April 1 to June 30.

 

Previous tax debts that were accruing interest remain as is (no forgiveness there), however if you had tax debt outstanding, at least it hasn't gotten any worse. 

 

That does not mean you should not be filing your taxes, in fact I would encourage quite the opposite. Some surprises are nice, while others are not. If you think you may be in a a position where you will have to pay, know that number now and start to plan for it, instead of compounding an already existing problem. If you already owe debts and are getting a bit of a reprieve due to this, make those payments now while its not costing you and get that number down to 0, or something more manageable than its current state. 

 

 

 

 

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Personal finance