September 30 is a critical deadline for many Canadians. Over the summer, the Canada Revenue Agency further extended the payment due date to Sept. 30 for taxes owing on 2019 personal tax returns, which are ordinarily due by April 30.
But, 2020 being no ordinary year, the government, as part of its COVID-19 relief programs, has confirmed that penalties and interest won’t be charged as long as payment is made (and returns are filed) by the new, extended Sept. 30 deadline.
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Sept. 30 also marks the deadline for making both the June 15 and Sept. 15 quarterly personal tax instalments. According to the CRA, approximately 1.8 million individuals in 2019 were required to pay income tax by instalments.
But before rushing out to make those instalment payments (or logging in to pay them online), you may want to take a few moments this weekend to determine whether such payments are even required for 2020, especially if your income has significantly declined in 2020 versus the prior year as a result of the COVID pandemic.