With all of the chaos and financial instability that the COVID-19 pandemic is causing — including official states of emergency mandating that most businesses shut down — the Canadian Revenue Agency is deferring deadlines for tax season by one month.

The CRA had previously stated that it was "monitoring the evolving situation closely" and "evaluating measures to address financial hardship for Canadian taxpayers and businesses, including possible changes to the personal income tax filing season." 

The Government of Canada is currently evaluating measures to address financial hardship for Canadian taxpayers and businesses, including possible changes to the personal income tax filing season. (2/3)

— Canada Revenue Agency (@CanRevAgency) March 16, 2020

Now the news that many were hoping and waiting for has been confirmed.

Canadians will now have until June 1 to submit their income taxes, rather than the original date of April 30. Businesses will have until July 31.

People will also have an extra month to pay off outstanding balances, interest-free.

Air borders closed, Parks Canada buildings closed, increased funding, Tax season flexibility announcement tomorrow, emergency economic measures to go through the house as soon as possible.

— Virginia Ridley (@virginia_ridley) March 17, 2020

A formal announcement about the adjustment came from federal officials on March 18.

Prime Minister Trudeau alluded to the news at a press conference the day prior, saying that "by the end of the week, we will have more to say about changes for the upcoming tax season."

Meanwhile, Quebec already made the move to extend its provincial tax filing season on Tuesday.