When Are My 2019 Income Taxes Really Due?

The week of March 16, 2020 will be forever remembered by all Canadians.  For many of us, whatever Spring Break trip planned along with everything else entertainment was cancelled that week.

2019 Incomes Taxes Due Date Extended

For accountants who file taxes for a living, we were provided specific deadlines by Ottawa.  All personal and information returns were extended to June 1.  There was no extension for the self-employed who are due on June 15.  And Ottawa was also silent on corporations whose tax returns are due six months after the year end.  With many of our staff at home due to lack of day care for their children, many senior accountants went at it alone during March, April and most of May, working remotely and in silence for long hours.

May 25 Further Clarification On Deadline Filing Dates Announced

It was only on May 25, further “clarifications” were provided for the filing deadline.  The exact wording of the clarifications and the link are below:

You will not be charged late-filing penalties or interest if your 2019 individual (T1) income tax returns are filed, and payments are made prior to September 1, 2020. However, we are preserving the June 1 filing deadline for T1 individuals, and the June 15 filing deadline for T1 self-employed individuals (sole proprietors), in order to encourage filing returns in time to accurately calculate benefits, which rely on 2019 tax returns for entitlement calculation.

The bottom line is effectively, 2019 personal tax returns and payments are due September 1, 2020.

All corporate filings due on May 31 to August 31, are now are extended to September 1, 2020.  Similarly, all corporate tax payments and installments due after March 18 and before September 1, 2020 are now due September 1, 2020. 

All GST payments and installments due after March 27, 2020 to June 30, 2020 can be deferred until June 30, 2020. 

For taxpayers who receive income supplements, CCB, GST credits and benefits under the Canada Emergency Response Plan to the Covid, filing earlier will ensure continuing benefit payments (Ottawa promises continuing benefit as long as 2018 has been filed). 

What is also acknowledged on the link above is that some taxpayers may have received a Notice of Assessment that says payment deadline is April 30, 2020 – which is incorrect.  CRA is suffering from staff shortage just like the rest of us.

It was a painful spring and we survived.  With the filing extensions, my summer will be a busy summer but I am determined to enjoy the season and catch up with my friends and clients. 

Vancouver Tax Advisors

Mew & Company Chartered Professional Accountants in Vancouver BC are experts in helping small business owners to save time and money in managing their businesses.

If you are looking for personal or corporate tax planning services, or if you have questions, please don’t hesitate to contact us to learn more about how we can help you!

Call us at 604-688-9198 to learn more about how we can help.