Many small business owners in Canada are unaware of the various deadlines for filing and payment of taxes for their corporations. It is important to ensure that deadlines are met in order to avoid interest and penalties.
Something that may be helpful is that the Canada Revenue Agency (CRA) has a Business Tax Reminders mobile app to help small and medium-sized businesses remember their tax deadlines. The mobile app lets business users create custom reminders and alerts for key CRA due dates related to instalment payments, returns and remittances.
We have also outlined the 2019 deadlines for you below:
Important Dates for Canadian Small Businesses in 2019
Corporate Tax
General Corporations: Balance of corporate taxes payable two months after your corporate fiscal year-end. If your corporation is expected to be taxable in the fiscal year, the CRA must have received the installments required throughout the year, and the estimated balance amount is due by this date, otherwise interest will accrue on any balance due and not paid.
Canadian Controlled Private Corporations (CCPCs): Balance of corporate taxes payable is due three months after your corporate fiscal year-end. If your corporation qualifies for the small business deduction and is expected to be taxable in the fiscal year, the CRA must have received the installments required throughout the year with the balance amount due by this date, otherwise interest will accrue on any balance due and not paid.
All Corporations in Canada: Corporate tax returns (T2) must be filed within six months of your corporation tax year-end. Returns filed after this date with taxes owing will be assessed a penalty on amounts owing as well as late filing penalties.
Payroll
Payroll remittances due on the 15th day of the following month for corporations with less than $25,000 in monthly withholding. If your withholding amount exceeds $25,000 then you may be required to remit on an accelerated schedule, more frequently.
GST/HST
The due date of a GST/HST return is determined by the reporting period.
Monthly or quarterly reporting period: the GST/HST return must be filed, and any amount owing must be remitted, no later than one month after the end of the reporting period.
Annual reporting period: the GST/HST return must be filed and any amount owing must be remitted no later than three months after the end of the fiscal year.
Information Returns and Slips
Information returns that include T4, T4A, T4A-NR, and T5 must be filed on or before the last day of February in each year and shall be in respect of the preceding calendar year. If the due date falls on a Saturday, Sunday, or public holiday, the information return is due the next business day.
If you need accounting or corporate tax assistance and require a Small Business Accountant Toronto please contact us.