Income Tax Deferral

  • The Canada Revenue Agency (CRA) will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020.
  • This relief would apply to tax balances due, as well as installments.
  • No interest or penalties will accumulate on these amounts during this period.

Reference: https://www.toronto.ca/home/covid-19/covid-19-economic-supportrecovery-for-businesses/covid-19-bills-tax-relief-businesses/