On 18 March 2020, the Prime Minister and the Finance Minister announced some tax relief measures due to COVID-19 outbreak:
- The federal corporate tax return deadline is extended to 1 June 2020. The filing deadline extensions have also been implemented for trusts, partnership, and non-resident tax information returns to 1 May 2020.
- The deadline for submitting individual tax return is extended to 1 June 2020 for trusts to 1 May 2020. For individuals, the payment of any income tax amounts that become owing on or after 18 March 2020 and before September 2020 may be deferred until 1 September 2020. The minimum required annual withdrawal payments from RRIFs has been reduced by 25%.
- Businesses will be able to defer payment of any income tax amounts until 1 September 2020. This deferral applies to income tax balances and instalments due on or after 18 March 2020 and before 1 September 2020. And the amounts will not be subject to interest or penalties during this period.
- The CRA requested for contemporaneous documentation that were made prior to April 1, 2020 having a deadline of March 18, 2020 or later will be considered cancelled and will be re-issued at a later date, providing the maximum amount of time of 3 months to submit the documentation.
- Businesses will be permitted to defer GST/HST and QST payments and remittances when due on or after 27 March 2020 and before June 2020.