The Canada Revenue Agency (CRA) has announced that targeted interest relief will be provided to Canadians who received pandemic income support benefits during 2020. Specifically, qualifying individuals will not be required to pay interest on any outstanding income tax debt for the 2020 tax year until April 30, 2022.
To qualify for such interest relief, which will be applied automatically by the CRA, individuals must have had a total taxable income of $75,000 or less in 2020 and have received income support in 2020 through one or more of these COVID-19 measures:
- the Canada Emergency Response Benefit (CERB);
- the Canada Emergency Student Benefit (CESB);
- the Canada Recovery Benefit (CRB);
- the Canada Recovery Caregiving Benefit (CRCB);
- the Canada Recovery Sickness Benefit (CRSB);
- Employment Insurance benefits; or
- similar provincial emergency benefits.
More detailed information on the interest relief program can be found on the CRA website at https://www.canada.ca/en/revenue-agency/news/2021/02/government-of-canada-announces-targeted-interest-relief-on-2020-income-tax-debt-for-low–and-middle-income-canadians.html.
About Expert Fiscaliste
Expert Fiscaliste provides income tax preparation and consulting services to individuals, businesses, with real estate residential operations in Quebec.
If you want to take advantage of our services for your Tax Returns Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
