What you need to know about the new June 1 tax-filing deadline

Article Link: https://business.financialpost.com/personal-finance/taxes/what-you-need-to-know-about-the-new-june-1-tax-filing-deadline

Discussion posted by: David McNamara

Monday, June 1 is the “official” extended deadline for Canadians to file their 2019 personal tax returns, unless you or your spouse (or common-law partner) is self-employed, in which case you both have until June 15, 2020 to file. You’ll recall that the normal filing deadline, as well as the deadline to pay amounts owed, is April 30, but it was extended back in March as part of the initial COVID-19 relief measures. Last week, the Canada Revenue Agency provided some additional relief when it announced that penalties, including the late-filing penalty (five per cent of your balance owing, plus one per cent of the balance owing for each full month your return is late, to a maximum of 12 months), and arrears interest will not be charged as long as your T1 personal tax return is filed by Sept. 1, 2020 and payment is made by that date.