2020 tax calendar

Citizens of any country are bound by law to pay taxes and file returns on time. Delayed or evading payments and filings are punishable by law, across the globe. All economies of the world have fixed dates and timelines for making tax payments and submitting returns. In Canada, if you fail to make payments and file returns on time, there could be penalties in the form of delayed or stopped Child benefit payments, old age security benefit payments, harmonized sales tax payments and more.

Post the novel COVID-19 outbreak, the Canadian government has revised the dates for 2020 tax payments and filing returns, details of which have been mentioned below. Personals in Calgary – individuals and businesspersons should speak to an expert tax firm offering tax services in Calgary, for better understanding of the revised dates.

Date wise tax related information

  1. As a normal rule, the returns for 2019 had to be filed before or on 30-April-2020. This has, however, been revised now as per the schedule here.
Category Revised date of filing tax return Additional information
Self-employed person On or before 15-June-2020 The date for paying pending balance from 2019, which was earlier 30-April-2020 has now been amended to 1-September-2020.
Category Revised date of filing tax returnAdditional information
Individuals 1-June-2020 Balance owing payment for 2019 that was earlier 30-April-2020 has now been extended to 1-September-2020
Category Revised date of filing tax returnAdditional information
Individuals 1-June-2020 Balance owing payment for 2019 that was earlier 30-April-2020 has now been extended to 1-September-2020
Category Revised date of filing tax returnAdditional comment
Business The date of filing for corporates remains unchanged. It will be six months from the end of the previous tax year.

– Tax year ending 31-March-2020, filing due date is 1-September-2020
– Tax year ending 31-August-2020, filing due date is 1-February-2021
– Tax year ending 23-September-2020, filing due date is 23-March-2021
Any income tax owing that was due between 18-March-2020 to 1-September-2020 has been revised to 1-September-2020.
Category Revised date of filing tax return Additional information
Trusts The date for tax filing for Trusts that follow the tax year ending 31-December-2019, and had a filing due on or before 31-March-2020 will now be 1-May-2020. Any income tax balance or instalment payment due data before 1-September-2020, has now been extended to 1-September-2020.
Category Revised date of filing tax return
Charities For all charitable organizations that had a return due date between 18-March-2020 to 31-December-2020, the date has been extended to 31-December-2020, as per revisions announced by the Charities Directorate.
Category Period of death Due date for final return
Deceased person
(No change in dates)
Between 01-January-2019 to 31-October-2019 30-April-2020
Between 01-11-2019 to 31-12-2019 6 months from the day the person died.

Penalties

Personals in Calgary and the entire country need to note that they will be penalized for late filing of taxes, especially if you have a Balance Owing or unpaid tax balance. The late-filing penalty is 5% of the tax balance that you owe to the government plus an additional 1% of the balance for every month delayed, up to a maximum of 12 months.

In case you have a refund pending or your tax balance is nil, you are not penalized for late filing.

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