The uncertainty caused by the COVID-19 outbreak is being felt across the world and we are facing an unprecedented challenge. Many of us are feeling helpless and scared. The last thing on our minds right now is the tax filing deadline. We have always been here for you and now more than ever, we will continue to be there for you.
New tax filing deadline for 2020
During the tough situation, the CRA is giving Canadians an extra month to file their taxes to the Canada Revenue Agency. Canadian taxpayers will have until June 1, 2020, to submit their tax return, instead of April 30. Similarly, the deadline to pay off any outstanding balances interest-free has been extended to July 31, 2020.
We understand the financial implications small businesses have among this pandemic. According to the survey conducted by the Canadian Federation of Independent Business, half of Canada’s small businesses have already seen a significant decrease in sales. To provide some relief during tax season, the deadline has been extended for businesses. The new deadline for businesses to pay their taxes without paying any interest or penalties is July 31, 2020.
How to file your taxes among COVID-19
During the COVID-19 outbreak, it is recommended to practice social distancing. If you are relying on a tax preparer to file your return, that might be quite difficult during this time. This is more concerning for individuals who are over the age of 65, individuals who have underlying medical conditions, or those with weakened immune systems, as it poses a greater risk if you’re heading out to see your tax preparer.
Furthermore, the Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. Click HERE for more information!
With CloudTax, you can file your taxes for free from the convenience of your own home, 24/7. The best part is that if you have a question while filing your taxes, you have support. You can ask a tax expert through live-chat or contact us via phone-call. We help you every step of the way and make it easy for even first-time tax filers.