The Canada Revenue Agency (CRA) has extended two of the tax filing deadlines for corporations and trusts to September 1, due to the COVID-19 pandemic.

The agency said it made this decision to ease the impact of the COVID-19 crisis on Canadian businesses and tax preparers. The extensions, which are for the T2 and T3 statements, are in addition to the individual income tax return extension for Canadians. Penalties and interest will not be charged if payments are made by September 1.

The CRA is also encouraging businesses to register for direct deposit.

The CRA will allow businesses to defer T2 corporation income tax returns otherwise due in June, July or August, to September 1. Any income tax balance due on or after March 18 and before September 1 will also be due by September 1.

The deadlines for T3 trust returns that would otherwise be due in June, July or August, have been extended to September 1, 2020. Any income tax balance due on or after March 18 and before September 1 will also be due by September 1.

These new extensions are among several changes the agency has undertaken during the pandemic. In March, the CRA pushed back the filing date for individuals from April 30 to June 1. For trusts with a taxation year ending on December 31, 2019, the due date for filing returns was moved back to May 1.

The CRA announced in April that it is also not contacting small and medium-sized businesses to initiate any post-assessment income tax audits until further notice.

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The agency is also facilitating some of the federal government’s business relief programs, including the 75 percent Canada Emergency Wage Subsidy, which is available for private corporations, non‑profit organizations, and registered charities. The subsidy covers 75 percent of employee wages for up to 24 weeks and is retroactive from March 15 to August 29.

Businesses can register for My Business Account to view and manage their business’ tax affairs. Businesses can also sign up for email notifications to receive CRA mail electronically, such as notices of assessment or reassessment, statements of account for current source deductions, and most statements and letters.

In order to avoid delays in payment delivery, the CRA is also encouraging businesses to sign up for direct deposit through their financial institutions. To be eligible to enroll for CRA direct deposit, organizations must have a valid business number and have a CRA program account for either payroll, GST or HST, or corporate income tax.

StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.