Jamie Golombek: Is there any real rush to file by June 1 if there are no penalties as long as you file by Sept. 1?
Monday, June 1 is the “official” extended deadline for Canadians to file their 2019 personal tax returns, unless you or your spouse is self-employed, in which case you both have until June 15, 2020 to file. You’ll recall that the normal filing deadline, as well as the deadline to pay amounts owed, is April 30, but it was extended back in March as part of the initial COVID-19 relief measures.
The penalty relief announcement comes as welcome news for the nearly one quarter of Canadians who have not yet filed their 2019 tax returns, although the vast majority of filers are getting a tax refund and wouldn’t be subject to late-filing penalties or interest. Tax return statistics for the 2020 tax-filing season show that the CRA has received about 22 million individual income tax returns for the 2019 tax year, out of an expected total of around 28.
But, is there any real rush to file by June 1 if there are no penalties as long as you file by Sept. 1? The problem, however, is that you may not be getting correct amounts if your income varied from year to year. By filing as soon as practicably possible, you may be able to avoid this problem. If you receive an instalment reminder in August 2020, you may be able to reduce or not pay further instalments for 2020 if the instalments you already paid for 2020 will cover your estimated 2020 net tax owing, or your net tax owing for 2020 will be $3,000 or less .If you still haven’t filed, here are some tips that can help you get the job done, while continuing to socially isolate.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Premier League plans June 17 restart after 100-day shutdown - Sportsnet.caThe Premier League announced on Thursday it is planning to return on June 17 after a 100-day shutdown caused by the coronavirus pandemic 'provided that all safety requirements are in place.'
Read more »
Reports: Premier League plans June 17 restart after 100-day shutdown - Sportsnet.caPremier League reportedly planning to return on June 17 with doubleheader featuring Manchester City playing Arsenal and Aston Villa hosting Sheffield United.
Read more »
NHL and NHLPA expected to push back June 1 signing deadline - TSN.caThe National Hockey League and the National Hockey League Players' Association are expected to push back the June 1 signing deadline by one month, according to TSN Hockey Insider Darren Dreger.
Read more »
Report: Premier League aims to return on June 17 - TSN.caThe Premier League intends to return on June 17 with matches between teams with games in hand on the rest of the league. Manchester City will host Arsenal and Sheffield United will visit Aston Villa, reports Jason Burt of the Telegraph.
Read more »
Premier League soccer reportedly set to resume on June 17A spokesman for the Premier League, which stopped play in March, declined to comment as the meeting of 20 club officials was ongoing
Read more »
OPEC, Russia bargain over extending oil cuts ahead of June meetingInstead of easing their output cuts come July, several OPEC+ sources told Reuters there are discussions led by de facto OPEC leader Saudi Arabia about sustaining those cuts
Read more »