With the global pandemic this year, many changes have been made in all areas of our lives, making it difficult to keep track of what is due when.
To help simplify your obligations from a tax perspective, here is all the pertinent information you must know.
Tax Filing Deadline for 2019 Income Tax Returns
Individual taxpayers are required to file by June 1.
Self-employed individuals and their spouses are required to file by June 15.
If you have not yet filed your taxes, you should reach out to a tax filing professional right away today.
Tax returns filed after the due date will be subject to a late filing penalty.
Tax Payment Deadline for 2019 Income Tax Returns
All individual taxpayers, including self-employed individuals and their spouses, have been provided with a tax payment extension. Payments for their 2019 tax returns are not due until September 1.
This means that while you must file your tax return in June, you are not required to pay your tax owing until September 1.
So long as tax owing is paid on or before September 1, 2020, for the 2019 tax year, no interest will be charged.
For those receiving a refund, your returns will be processed, and refunds paid as they are filed.
Receipt of Benefits
Eligibility for many government-issued benefits, such as the GST Credit and the CCB (Canada Child Benefit) are determined based on your previous year’s tax return. The upcoming benefit year runs from July 1, 2020, to June 30, 2021.
To avoid delays in receiving these payments, it is recommended that tax returns be filed as soon as possible.
Installment Due Dates
Quarterly installments normally made on June 15, will not come due until September 1.
Tax Filing Due Dates for Corporations
If your corporate income tax return was due between March 18 and June 1, 2020, the due date is now June 1, 2020.
If you have not yet filed your taxes, you should reach out to a tax filing professional right away today.
Tax Payment Due Dates for Corporations
Payments for 2019 corporate tax returns due after March 18 but before September 1 will not be due until September 1.
This means that while you must file your tax return in June, you are not required to pay your tax owing until September 1.
For more information on payment deadlines or to have our team of professionals consult with you about your tax situation, please contact us today.