The Canada Revenue Agency has announced a number of changes to how it will be collecting taxes in the coming months. This includes extended due dates for payments, as well as changes to existing benefits and credits.
In this section, discover more information on changes and deferrals to federal taxes as a result of COVID-19.
Tax Changes for Businesses
Federal Business Taxes: General Sales Tax (GST) and Harmonized Sales Tax (HST) remittances and customs duty payments are deferred to June 30, 2020.
Income Tax: The Federal government is allowing all businesses to defer, until after August 31,
2020, the payment of any income tax amounts that become owing on or after March 18, 2020
and before September 2020. This relief would apply to tax balances due, as well as instalments,
under Part I of the Income Tax Act.
No interest or penalties will accumulate on these amounts during this period. For self-employed individuals or those who have spouses or common-law partners that are self-employed, the deadline to pay any balance due for your individual federal income tax and benefit return has been extended from April 30, 2020, to September 1, 2020.
Tax Changes for Individuals
New deadline for tax submissions: The filing date for 2019 income tax returns for individuals has been deferred until June 1, 2020. Any new income tax balances due, or instalments, are also being deferred until after August 31, 2020 without incurring interest or penalties.
Goods and Services Tax Credit: The Government of Canada is providing a one-time special payment starting April 9 through the Goods and Services Tax credit for low- and modest-income families. The average additional benefit will be close to $400 for single individuals and close to $600 for couples. If an individual is eligible, they will receive this benefit automatically.