June 1 is the extended deadline for Canadians to file their 2019 personal tax returns after the normal April 30 filing deadline was extended due to the COVID-19 pandemic.
The agency said it will allow businesses to defer T2 corporation income tax returns otherwise due in June, July or August, to Sept. 1 without any interest or penalties. Any income tax balance due on or after March 18 and before Sept. 1 will also be due by Sept. 1.in respect of amounts owed will not be charged if payments are made by Sept. 1. This includes the late-filing penalty, as long as the return was filed by Sept. 1.
In order to prevent taxpayers and tax-preparers from meeting in person during the pandemic, the CRA will recognize electronic signatures for authorization forms T183 or T183CORP, both of which are normally required to be signed by hand. The government’s Outreach Program, which provides people with information on their tax obligations and available benefits and credits, is also available over the phone and through webinars., which includes $27 billion in direct assistance to Canadian workers and families, as well as making $55 billion available in liquidity to businesses to help stabilize the economy.
COVID-19 benefits will not be factored into this year's return. However, benefits for individuals and businesses, including the Canada Emergency Response Benefit and the Canada Emergency Wage Subsidy , are taxable income and will be part of next year’s return.
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