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CANADA REVENUE AGENCY TAX RETURN DEADLINE VERIFICATION
CANADA REVENUE AGENCY TAX RETURN DEADLINE SOFTWARE

This extension also applies to any other forms, information returns, elections and designations tied to the T2 filing deadline (such as Form T1135, Foreign Income Verification Statement, and Form T106, Information Return of Non-Arm’s Length Transactions with Non-Residents).

Corporate income tax returns – For corporations that would otherwise have a filing due date on, or in June, July or August 2020, the T2 return filing due date has been extended to 1 September 2020 (T2 returns originally due after 18 March and before and for which the filing due date had been extended to 1 June 2020 are not covered by this new extension - in other words, they are not extended a second time and must be filed by 1 June 2020 to avoid late-filing penalties).

The following additional tax return filing deadline extensions were announced for corporations, trusts, and partnerships. “Additional reviews and more formal approvals will be introduced to ensure quality and accuracy of public messaging in the future,” the CRA said.Following is a summary of the changes. In the documents, the agency said it will ensure this does not happen again. The filing deadline was extended to May 5, 2014. In April 2014, the CRA had to shut down its website to all electronic filing for five days after determining someone had hacked into the service and accessed social insurance numbers.

CANADA REVENUE AGENCY TAX RETURN DEADLINE SOFTWARE

“Heartbleed” refers to the Heartbleed Bug, a software flaw discovered in 2014 that could expose online passwords and sensitive personal information.

It was incorrect and provided an extension of filing deadline for all, similar to the message that went out last year where a filing extension was given due to heartbleed,” the document reads. In another draft report, dated June 2, the agency said: “This year’s message was posted on the CRA website on Friday, April 24, 2015. “Typically, the previous year’s message is edited by an officer to reflect the current-year circumstances.” It is sent to EFILERS using an email distribution system,” reads a draft report dated May 4. “The grace period message is considered to be routine in nature and is posted on the EFILE webpage annually. The grace period message is posted on the EFILE webpage annually and sent to approximately 45,000 tax preparers indicating that if they have transmission errors, late filing penalties will not be assessed as long as the tax return is submitted within five business days of April 30.

One asked for the financial implications of lost revenue related to the extension, which was released last week as part of 38 pages of documents, while the other asked how the mistake was made and discovered. Immediately after the deadline was extended, the Star filed two separate requests for information under the Access to Information Act. Last April, the agency did not disclose cost implications, stating that “given the extended period is short, and most taxpayers filed by April 30, the costs resulting from the filing extension will be negligible.” “It is not possible to determine the exact cost as we do not know when individuals would have filed and paid their taxes, if the extension had not been granted,” Walters said. The $1.43-million estimate was provided to show “a worst-case scenario,” CRA spokesman David Walters said in an email. By May 6, it had received 24.7 million individual tax returns, in line with projections. The $1.43-million figure assumes all tax payments - totalling $2.09 billion - were late by five days, based on a five-per-cent interest rate, but the CRA said it has no way of knowing what the true financial impact was. The information comes more than a year after the Star first requested details about the error that likely resulted from repeating an old message, or possibly copying and pasting information from 2014, when a five-day extension was granted to taxpayers due to a hacking incident. The taxman had to forgo as much as $1.5 million in interest when the Canada Revenue Agency extended last year’s tax filing deadline after mistakenly giving the wrong date.Īgency officials estimated that moving the income-tax returns deadline to May 5, from the usual April 30 midnight deadline, meant $1.43 million in lost interest from Canadians who filed their taxes late over those five days, according to documents released under the Access to Information Act.