If you meet all the eligibility criteria below, you will get interest relief on your 2020 taxes owing. You still need to file your tax return by the due date to avoid paying any late-filing penalties.
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Interest relief on 2020 taxes owing will be given if you meet all of the following:
You need all the above to be eligible for interest relief.
If you do not meet the criteria, review other options in Taxpayer relief provisions.
If you meet all the criteria
If you meet all eligibility criteria and have filed your 2020 tax return, the CRA will automatically apply interest relief on your 2020 taxes owing.
You will not have to pay interest on any amount owing from your 2020 taxes until April 30, 2022.
Interest relief only applies to your 2020 taxes owing and not on previous or other debts with the CRA.
Late-filing penalties still apply
File your tax return early or before the due date to avoid being charged a late-filing penalty and disruption of your benefit and credit payments such as the Canada Child Benefit (CCB) and the GST/HST credit.
The late-filing penalty is 5% of your 2020 balance owing, plus an additional 1% for each month you file after the due date (up to a maximum of 12 months). Penalty charges still apply and are different from interest charges. Penalty charges are not included as part of this interest relief.
The CRA can work with you and find flexible options to pay your balance owing. Find ways to pay your 2020 taxes owing.
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