5 things you should know about covid-19 tax filing

  • Covid-19 has succumbed many industries and small businesses to a halt, whether by choice or government mandate. During these confusing times we want to clear the air about some frequently asked questions and more importantly some deadlines and facts you should know for your personal or business accounting.
    When do I pay my income tax individuals?

    June 1st, 2020 was the deadline for individuals filing their income tax. The payment date for 2019 tax has been extended to September 1st.

    from the CRA “Penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 1, 2020. Includes the June 15, 2020, instalment payment for those who have to pay by instalments.”

    When do I pay my income tax for self employed?

    Self employed individuals have until June 15 to file their income tax. The payment date for them is the same as individuals, which is September 1, 2020.

    When do corporations have to pay income tax?

    Corporations will have filed their income tax on June 1, and should pay their income tax before September 1st 2020.

    Will I be penalized for paying my taxes after the original deadline?
    The short answer is no, penalties and interest are not applied to any payments made before the extended deadline of September 1st.

    As always we wish everyone the best in these troubling times, because of these unprecedented circumstances we will continue to monitor and update the greater Toronto area to keep and clients informed and prepared for whatever comes their way.

    If you have any concerns or queries please contact us through our website or phone number listed at www.cpaprofessionals.ca

    CPA Professionals accounting services for Toronto

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