Citizens who have received assistance in connection with COVID-19 will not have to pay interest on their 2020 tax balance for a period of one year. This measure is designed to simplify life for those who have been affected by the pandemic.
More specifically, citizens who received the Canada Emergency Benefit (CEP), the Canada Student Emergency Benefit (CSEB), the Canadian Economic Recovery Benefit (CERB), the Canadian Economic Recovery Benefit for Caregivers (CERCPC), the Canadian Economic Recovery Sickness Benefit (CERSB), Employment Insurance benefits (including maternity and paternity benefits) or Essential Worker Retention Incentive Program (EWRIP) benefits, and who will have a balance of tax to pay on their 2020 tax return, will be entitled to an interest vacation until April 30, 2022. To qualify, citizens must have earned a total taxable income of $75,000 or less in 2020.
Citizens must file their income tax returns no later than April 30, 2021, to avoid the late-filing penalty. It’s in their best interest to do so quickly, so that they can continue to benefit without interruption from the social and tax programs to which they are entitled, such as the Solidarity Tax Credit and the Family Allowance.
Revenu Québec reminds us that there are several ways for citizens to enter into instalment payment agreements, if they are unable to pay the amounts due in a single instalment.
From the outset of the pandemic, Revenu Québec has been committed to showing flexibility and understanding to citizens and businesses. Over the past few months, it has implemented a series of measures to help Quebecers.
With just a few weeks to go before the start of the tax season, Revenu Québec is continuing to monitor the situation closely, and remains ready to adapt if necessary. For more information on the interest vacation and other relaxation measures announced in recent months, citizens are invited to consult the agency’s website.
