Canadians will have one extra month to file their taxes to the Canada Revenue Agency, the National Post has learned.
The announcement will be made tomorrow by federal ministers as part of a larger series of financial measures to assist Canadian individuals and governments through the COVID-19 pandemic.
So instead of an April 30 filing deadline for the 2020 tax season, Canadians will have until June 1 to submit their income tax return to CRA.
Many people will have to borrow money to pay their taxes. If this corona shutdown drags on for weeks, then people will have trouble making their mortgage payments. Eventually, quite a few will have to sell their houses to get cash. The magnitude of the housing market crash in the next year will illuminate the carnage.