Canada extends tax payment deadline again

Ottawa, July 28 (SocialNews.XYZ) The Canada Revenue Agency (CRA) has announced to extend again the payment deadline for federal taxes and to offer interest relief on taxes amid the economic impact of the COVID-19 pandemic.

The CRA said on Monday it is extending the payment due date for current year individual, corporate, and trust income tax returns, including installment payments, from September 1-30, Xinhua news agency.

Penalties and interest will not be charged if payments are made by the extended deadline. This includes the late-filing penalty as long as the return is filed by September 30, the tax agency said in a statement.

The CRA is also waiving interest on existing tax debts related to individual, corporate, and trust income tax returns from April 1 to September 30, and from April 1 to June 30, for goods and services tax and sales tax returns.

"While this measure for existing tax debts does not cancel penalties and interest already assessed on a taxpayer's account prior to this period, it ensures that a taxpayer's existing tax debt does not continue to grow through interest charges during this difficult time," the agency said.

The government extended this year's tax filing deadline from April 30 to June 1 to reckon with the impacts of COVID-19.

Canadians were also told they had until September 1 to pay what they owe without any interest or penalty.

However, with the deadline having come and gone, the CRA is encouraging Canadians to file as soon as possible to ensure their benefits don't get disrupted.

To ensure Canadians continue to receive their benefits and credits during the COVID-19 pandemic, the CRA temporarily suspended interruptions for those who were unable to file their income tax and benefit return by the June 1 deadline.

Source: IANS