Personal Income Tax (T1)
May 15, 2020 Update: Today, the Minister of National Revenue is announcing that benefit payments will continue for an additional three months for those who are not able to file their 2019 returns on time. Eligible Canadians who are presently receiving the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit and/or the Canada child benefit (CCB) will continue to receive these payments until the end of September 2020. (More details below).
April 1, 2020:
Revised Filing Requirements
The deadline for most T1 returns is now June 1, 2020.
Revised Payment Dates
The CRA will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to income tax balances due, as well as installments and no interest or penalties will accumulate on these amounts during this period.
Benefits payments for eligible Canadians continue until Fall 2020
Date: May 15, 2020
As announced by the Honourable Diane Lebouthillier, Minister of National Revenue, on May 15, 2020, the CRA has extended benefit payments until the end of September for those who are unable to file their 2019 tax return on time. For individuals who already receive the Canada child benefit, the GST/HST credit, or both, their estimated payments will be based on the information from their 2018 tax return.
In addition, as noted in the Prime Minister’s News Release on May 12, 2020, this also applies to temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed.
This will ensure that the most vulnerable population continues to receive their benefits when they need them the most.
If you are unable to file your clients’ 2019 return in time for it to be assessed by early September 2020, the estimated benefits and/or credits will stop in October 2020. Your client will then be advised to repay the estimated amounts that were issued to them starting in July 2020.
The CRA encourages Canadians to file their tax returns by June 1, 2020 or as soon as possible in order to receive the right amount of benefits based on their 2019 tax return, and in order to ensure continuity of benefits beyond September 2020.