Canada Revenue Agency Extends Filing Deadlines for Corporations and Trusts

In mid-March, the Federal Government announced a number of interest and penalty-free tax payment deferrals to September 1, 2020.  These deferrals included T2 Corporate Income Tax Returns and T3 Trust Income Tax Returns where the balances became due after March 18, 2020.  As of May 25th, the deadlines to file Corporate Income Tax Returns and Trust Income Tax returns are extended to September 1, 2020.

Return TypePrevious Filing Deadline2020 New Filing Deadline2020 Payment Deadline
T2 Corporate Income Tax Return for Dec 31, Jan 31 or Feb 28 year-endJune 30, July 31, Aug 31 respectivelySeptember 1, 2020 for allSeptember 1, 2020, for any income tax balance due on or after March 18, 2020, and before September 1, 2020.
T3 Trust Income Tax Return for March 31, April 30, or May 31 year-endJune 30, July 31, Aug 31 respectivelySeptember 1, 2020 for allSeptember 1, 2020, for any income tax balance due on or after March 18, 2020, and before September 1, 2020.

At Bateman MacKay, we are still aiming to complete all of our clients’ T2 Corporate Income Tax Returns and T3 Trust Income Tax Returns by their original deadlines to give clients a better understanding of their tax obligations so that they may plan accordingly during these uncertain times.  If for any reason, you do not believe that meeting your company’s or trust’s return date is possible, we encourage you to reach out to your Bateman MacKay Account Manager to discuss alternatives.

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