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Tax returns are due June 1: What you need to know

Back in March, the federal government announced that Canadians would get an extension on their personal tax return filing due date for the 2019 tax year.

If the pandemic has warped your sense of time, don’t forget that the deadline is fast approaching.

Normally, your personal tax filing and any taxes owing are due April 30. This year, the tax return is due June 1 while any taxes owing are due September 1.

Here are the consequences of missing the deadlines.

If you owe tax

Consequences of missing the June 1 tax filing deadline:

  • The Canada Revenue Agency (CRA) will charge you a late-filing penalty, which is:
    • 5% of your taxes owing, plus
    • 1% of your taxes owing for each full month that your return is late, up to a maximum of 12 months.

Consequences of missing the September 1 tax payment deadline:

  • The CRA charges compound daily interest, currently 6%, on overdue taxes (the interest rate is calculated quarterly).

If you don’t owe tax

There is no late-filing penalty since you have no taxes owing. However, the sooner you file, the sooner you can use your tax refund to pay down debt, save or invest.

The CRA also uses your tax return to determine your eligibility for the Canada Child Benefit and the GST/HST credit. Filing on time means you will receive the right amount of benefits based on your 2019 tax return.

If you don’t file on time, you will continue to receive additional payments for July, August and September. However, your payments will stop in October 2020 unless your 2019 tax return is received and assessed by early September 2020. See full details here.

Tax deadlines at a glance

 

Personal tax return

(including Quebec)

 

Normally due

Now due

Tax return:

April 30

June 1

Taxes owing:

April 30

September 1

Personal tax return with self-employment/business earnings

(including Quebec)

 

Normally due

Now due

Tax return:

June 15

June 15 (unchanged)

Taxes owing:

April 30

September 1

Corporate tax return

 

 

Normally due

Now due

Tax return:

 

if due between March 18 and June 1

June 1

Taxes owing:

If due between March 18 and September 1

September 1

For self-employment/business earnings with any taxes owing, the late-filing penalty and interest on overdue taxes are the same as for individuals.

For corporate tax returns, the late-filing penalty is also the same as for individuals. For more details, see the CRA page on avoiding penalties.

See one of MD’s three tax guides, created specifically for medical students and residents, practising physicians, or retired physicians.

The above information should not be construed as offering specific financial, investment, foreign or domestic taxation, legal, accounting or similar professional advice nor is it intended to replace the advice of independent tax, accounting or legal professionals.