CRA & Revenu Québec, Tax News

Revenu Quebec – Interest & Penalty Deferral Announcement

Although the tax deadline is still April 30th to file your 2020 federal & provincial tax returns, Revenu Quebec announced that it will not impose any penalties or interest on individuals who file or pay their provincial taxes a little later than usual this year (at latest, by May 31st). Quebec is the only province in Canada that has to file a provincial tax return separately from the federal income tax return.

What Does This Mean for You?

It is still essential that you file your federal income tax return on time, by the April 30th deadline. As a Quebec resident, if you have provincial taxes owing for 2020, you now have until May 31st to pay those amounts owed without incurring penalties or interest.

Federal Due Dates

Keep in mind that federal tax returns are still due to the CRA on April 30th (self-employed individuals have until June 15th). Taxes owing for 2020 are also due on April 30th. Your amounts owing will be charged interest as of May 1st unless you are eligible to receive interest relief, which means that you will not incur interest on those taxes owing until April 30th, 2022.

Provincial Due Date (TP-1 Quebec Only)

As with your federal tax return, your provincial tax return is still due April 30th. Revenu Quebec is providing a grace period by not imposing penalties or interest provided they are filed and paid by May 31st.

Filing After May 31st

Revenu Quebec may choose to charge you penalties if you file your provincial return after May 31st.  As of June 1st, interest will begin to apply to any unpaid balances for your 2020 taxes owing.

For more details on this announcement, click here (French only).

Exceptions due to COVID-19 Relief

Citizens who have received assistance benefits related to COVID-19 such as, the Canada Emergency Benefit (CERB), the Canada Emergency Student Benefit (CESB) or the Incentive Program to Retain Essential Workers (IPREW), whose total taxable income was $75,000 or less in 2020 and have filed their 2020 tax return will not have to pay interest on their 2020 taxes owing for a one-year period, to April 30th, 2022.

Learn about other tax changes that have been implemented for 2020. Click here for details.

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