For the 2019 tax season, the deadline for filing your taxes has been extended to June 1, 2020. If you have any amounts owing, or need to make a payment to the CRA, the deadline for doing so has been extended to August 31, 2020. No interest or penalties will occur during this new timelines.
If you miss the filing deadline and you have a balance owing for the tax year, CRA charges a penalty of 5% of your balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
If you have a balance owing and you miss the payment deadline, CRA charges compound daily interest on your balance owing starting the day after the balance is due. CRA also charges interest on the penalties applied to late returns.
Your late-filing penalty may be higher if you were charged a late-filing penalty on a return for any of the three previous years.