For calculating interest, transferred payments keep their original payment date [section 221.2] of the Income Tax Act. We consider any other allocation not to have occurred.
If you do not file an income tax return within three years of the end of the tax year, instalment payments correctly processed to this tax year will not be refunded [subsection 164(1)] of the Income Tax Act. However, you may request to apply credits from this tax year to an established debt. For more information see Re-appropriation of T2 statute-barred credits.
