On 25 May 2020, the Canadian Revenue Authority (CRA) announced new extended deadlines for corporations and trusts in response to COVID-19 pandemic. According to the announcement, the CRA will allow an extension up to 1 September 2020 for corporations that would otherwise have a filing deadline of corporate income tax return on 31 May, or in June, July, or August 2020.
Also, the CRA is seeking T1 returns from individuals by 1 June 2020 in order to ensure accurate federal and provincial benefits payments. This extension also applies to form T106, T1135, and any elections, forms and schedules that must be filed with the return. Again, penalties (including late-filing penalties) and interest will not be applied if individual returns are filed and payments are made by 1 September 2020. This includes the 15 June 2020, instalment payment for those who have to pay by instalments.
