COVID-19: Gov’t filings, payments and timing

With April 30 looming, it’s important to know that Canada’s regular due date for filing T1 personal income tax returns has been extended to June 1.

So, your new “looming” date on your calendar should be highlighted as June 1.

And for the 2020 tax season there is a second date to mark on your calendar, August 31. This is the deadline for payment of taxes due.

But if you are unable to pay by August 31, the Canada Revenue Agency (CRA) will offer payment plans for not only your taxes due, but also repayment of benefits over payments and the repayment in full of other government amounts due, such as student loans.

Important to note, the government has made it clear that you must be current with your CRA filings in order to qualify for the COVID-19 benefits announced, not to mention avoiding any interruption of regular benefits you may qualify for.

The term “current” refers to the filing of your 2019 tax return, not the payment of taxes due, if any.

Here is some other information for individual and business filings that the federal government has announced regarding adjustments in activity and timing due to COVID-19.

Collections activities by CRA have been suspended, but this is not say that for those so inclined, payment plans can be set up at this time.

Relief Applications from CRA tax penalties and interest will continue to be accepted and be determined on a case by case basis.

Objection Requests regarding CRA tax rulings have been extended to June 30.

Audits underway by CRA have been suspended, and no new audits will be undertaken. This includes GST audits.

For businesses that are GST registered, reports must be filed as per the scheduled due dates but payments have been deferred to June 30.

Proprietor T1 tax returns have to be filed by the regular June 15 date, with payment deferred to August 31.

Corporate T2 tax returns that were due after March 18, have to be filed by June 1, with payment deferred to August 31.

Not deferred, with emphasis on “not.”

Payroll source deduction reports and the payment of the EI, CPP premiums and withheld taxes must be filed and paid on time. However, if a business has qualified for the 10 per cent wage subsidy program, the payment amount for the taxes withheld may be reduced as per that program’s rules.

On the provincial front, for businesses having to report and pay PST and employer health tax for periods after March 18, both the report filing due date and payment due date is September 30.

As a final consideration, if you are owed a refund, whether a personal or business refund, why not file sooner than later?

And remember, being current with CRA is vital to continuing current benefits or qualifying for new COVID-19 benefits.

At this time there are no delays in refund payments from CRA or GST, especially if you have direct deposit set up.

Ron Clarke has his MBA and is a business owner in Trail, providing accounting and tax services. Email him at ron.clarke@JBSbiz.ca. To read previous Tax Tips & Pits columns visit www.trailtimes.ca/columnists.

City of TrailColumnisttaxes

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Alvin Caron
Trail Retiree Curling: Skips take the day off

It was the thirds day to shine at Trail Retiree Curling

Night time view of Area B. Photo: RDKB.com
Conservation plan underway for Rivervale water

The plan is to reduce water demand and streetlight energy consumption by 20 per cent in four years

The bobsled race has traditionally been a staple event at the carnival. File photo
Upcoming Rossland Winter Carnival cancelled due to COVID-19 crisis

This is the first time the carnival won’t be held in decades

With travel across the border still uncertain, Trail Youth Baseball’s all-star U18 Orioles applied to join the BC Minor Baseball’s College Prep League next season. Photo: Jim Bailey.
18U Orioles All-stars to play in BC college prep league

Border closure restricts American Legion option, 18U Orioles to join BC Minor Baseball next season

(L-R) Kazia Hopp, Colby Mackintosh, Hunter Guidon and Russdale Carungui installed the solar panels. Photo: Nakusp Secondary School
Students install 280 solar panels at two SD 10 schools

The panels will help the schools save on their electrical costs

Over the years, Janice Blackie-Goodine’s home in Summerland has featured elaborate Halloween displays and decorations each October. (File photo)
QUIZ: How much do you really know about Halloween?

Oct. 31 is a night of frights. How much do you know about Halloween customs and traditions?

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

FILE - In this Jan. 23, 1987 file photo, actor Sean Connery holds a rose in his hand as he talks about his new movie “The Name of the Rose” at a news conference in London. Scottish actor Sean Connery, considered by many to have been the best James Bond, has died aged 90, according to an announcement from his family. (AP Photo/Gerald Penny, File)
Actor Sean Connery, the ‘original’ James Bond, dies at 90

Oscar-winner was knighted by Queen Elizabeth II in 2000

This house at 414 Royal Ave. became notorious for its residents’ and visitors’ penchant for attracting police. It was also the site of a gruesome torture in August 2018. It was demolished in 2019. KTW
6-year sentence for Kamloops man who helped carve ‘rat’ into flesh of fellow gang member

Ricky Dennis was one of three men involved in the August 2018 attack

Cpl. Nathan Berze, media officer for the Mission RCMP, giving an update on the investigation at 11:30 a.m., Oct. 30. Patrick Penner photo.
VIDEO: Prisoner convicted of first-degree murder still at large from Mission Institution

When 10 p.m. count was conducted, staff discovered Roderick Muchikekwanape had disappeared

Among the pumpkin carvings created this year by Rick Chong of Abbotsford is this tribute to fallen officer Cont. Allan Young.
Abbotsford pumpkin carver’s creations include fallen police officer

Rick Chong carves and displays 30 pumpkins every year

An online fundraising campaign in support of the six-year-old boy, Edgar Colby, who was hit by a car on Range Road Oct. 25 has raised more than $62,000 in a day. (Submitted)
$62K raised in 1 day for boy in coma at BC Children’s after being hit by vehicle in Yukon

The boy’s aunt says the family is “very grateful” for the support they’ve received from the community

Most Read