We have been doing courtesy calls to our clients, those who have, as yet, not dropped off their tax information.
We notice many do not realize the tax deadline is June 1. A number think that it is June 30 and others, Sept. 1. June 1 is the filing deadline. A 5 per cent penalty occurs if it is filed later and money is owed to CRA. The Sept. 1 date is only the deadline to pay any amounts owed to CRA.
Rod Schwartz, White Rock Tax
Update: CRA has given an extension:
“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.”