Election to delay payment of income tax
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Election to delay payment of income tax
Generally, you have to pay any amount owing on a return when the return is due. In some cases, you can delay paying part of the income tax due. For instance, you can delay paying part of the amount owing from the deemed disposition of capital property. Remember that the CRA charges interest on any unpaid amount, from the day after the due date to the date you pay the amount in full.
If you want to delay payment, you will have to give the CRA security for the amount owing. You also have to complete Form T2075, Election To Defer Payment Of Income Tax, Under Subsection 159(5) Of The Income Tax Act By A Deceased Taxpayer's Legal Representative Or Trustee. For more information, call 1-888-863-8657.
Tax tip
Even if you cannot pay the full amount owing by the due date, you can avoid a penalty by filing the return on time.
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- Date modified:
- 2023-01-24