The Canada Revenue Agency (CRA) is providing interest relief on 2020 taxes owing for eligible taxpayers who received at least one COVID-19 benefit in 2020. If eligible, taxpayers who receive interest relief are not required to pay interest on any amount owing with respect to their 2020 income tax liability until April 30, 2022. This interest relief is not relief of any taxes owed or any previous income tax debts owed. The CRA will automatically apply interest relief to any taxpayer who satisfies all three criteria below.
Taxpayers must be aware that late-filing penalties will still apply. Thus, should you meet the eligibility criteria above, filing your taxes on time is imperative. For more information on interest relief, visit the CRA’s website on the topic, or contact your Bateman MacKay Business and Tax Advisor.
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