You might be wondering right now how COVID-19 is going to be affecting your taxes in terms of deadlines or deductions and credits.
So, when are corporate and personal taxes due?
For individuals, the filing due date for 2019 personal tax returns is deferred from April 30, 2020 to June 1, 2020. The deadline to pay any income tax amounts, including tax balances and instalments that become owing on or after March 18, 2020 is deferred until August 31, 2020.
For trusts with a taxation year end on December 31, 2019, the filing due date for income tax returns is deferred from March 31, 2020 to May 1, 2020. The deadline to pay any income tax amounts, including tax balances and instalments that become owing on or after March 18, 2020 is deferred until August 31, 2020.
For corporations, the filing due date for corporate income tax returns has not been deferred. The deadline to pay any income tax amounts, including tax balances due and instalments that become owing on or after March 18, 2020 is deferred until August 31, 2020.
If you’re like most Canadians, you’ve probably taken advantage of this extra time declare your taxes. However, if you expect to receive benefits under the GSTC or the Canada Child Benefit, it’s recommended not to delay the filing of your return.
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