To support Canadian businesses and tax preparers during this difficult time, CRA has extended some of the filing deadlines for corporations and trusts to September 1, 2020.
T2 Corporation Income Tax Returns: The CRA will allow all businesses to defer T2 corporation income tax returns otherwise due in June, July or August, to September 1, 2020. As previously announced, any income tax balance due on or after March 18 and before September 1 will also be due by September 1, 2020.
T3 Trust Income Tax Returns: The deadlines for trust returns that would otherwise be due in June, July or August, have been extended to September 1, 2020. As previously announced, any income tax balance due on or after March 18 and before September 1 will also be due by September 1, 2020.
The CRA’s digital services make it easier to manage your business’ tax and benefit affairs from home. CRA’s online tools can help you through the COVID-19 crisis and beyond.
Register for My Business Account to easily view and manage your business’ tax affairs. Thousands of businesses have signed up for My Business Account to make it easier to get payments like the Canada Emergency Wage Subsidy.
Once your business is signed up for My Business Account, you can also sign up for Email notifications to receive all your CRA mail electronically, such as your notice of assessment or reassessment, statements of account for current source deductions and most statements and letters. As a result, mail from the CRA will get to you as soon as possible and you can avoid potential delays in paper mail processing due to COVID-19. For added security, you will also receive emails whenever your information such as your address or banking information, changes.
Sign up for direct deposit through your financial institution
Avoid delays in payment delivery by signing up your business accounts for direct deposit. You can now sign up for direct deposit for certain business accounts or change your account information through your financial institution. To be eligible to enroll for CRA direct deposit for businesses, your business must have a valid 15 digit business number and one of the following CRA program accounts:
RT – Goods and Services Tax/Harmonized Sales Tax
RP – Payroll
RC – Corporate Income Tax
For more information on all the changes to taxes and benefits related to COVID-19, go to canada.ca/cra-coronavirus.
