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Canada Extends Tax Filing Deadlines for Corporations, Trusts

May 26, 2020, 4:28 PM

The Canada Revenue Agency is extending tax filing deadlines for corporations and trusts to Sept. 1 to ease the impact of the coronavirus.

The CRA had previously extended the deadline for individual tax payments, known as T1. If payments are made by the new deadline, penalties and interest won’t be charged. This includes the late-filing penalty, the agency said Monday.

  • Income tax returns for corporations, known as T2, otherwise due in June, July, or August are now due on Sept. 1.
  • Resident corporations must file T2 returns unless they are tax-exempt Crown corporations, Hutterite colonies, and corporations that were registered charities during the year. Non-resident corporations must also file a T2 return if certain conditions apply, including carrying on business in Canada during the year.
  • Deadlines for trust returns that would otherwise be due in June, July, or August, are also extended to Sept. 1. Taxable income for trusts is reported on the T3 return.

Check out Bloomberg Tax’s country-by-country roadmaps covering direct and indirect tax developments.

To contact the reporter on this story: Rossella Brevetti in Washington at rbrevetti@bloomberglaw.com

To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergtax.com; Vandana Mathur at vmathur@bloombergtax.com

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