Canada Revenue Agency – Some good news
The Canada Revenue Agency (“CRA”) has extended the deadline to file the 2019 personal tax return to June 1, 2020 (instead of April 30). More significantly, any amounts owing will not be due until August 31, 2020 and no interest will be charged for balances due until that date!
Businesses will also have an interest-free extension on balances due until August 31, 2020.
This is a bit of good news given the current pandemic crisis.
That said, there does not appear to be any relief for amounts owing for prior tax years.
Tax debt, including penalties and interest, is dischargeable in bankruptcy and consumer proposals.
About The Author
Jacques Rusinek
Dr Jacques (Jojo) Rusinek successfully challenged the National Insolvency Exams in 1998 and was licensed as a trustee in bankruptcy (now known as Licensed Insolvency Trustee) in 1999. Prior to becoming a bankruptcy trustee, he practiced in the health care field where he helped people to become pain-free. Now he helps people to become debt-free.
