General Corporations: Corporate taxes payable are due two months after the corporation’s tax year end date. With the exception of new corporations in their first year of operations, corporations are required by CRA to pay monthly or quarterly installments throughout the year, if their taxes payable, for the current or preceding taxation year is more than $3,000, otherwise interest will accrue on any balance due and not paid.
Canadian Controlled Private Corporations (CCPCs): Corporate taxes payable are due three months after the corporation’s tax year end. If your corporation qualifies for the small business deduction (SBD) 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.
Sole Proprietorships: Self-employed individuals (and their spouses or common-law partners) must file their income tax and benefit returns by June 15th. However, to avoid interest charges, balance due must be paid by April 30th.
Partnerships: Individuals who are members of a partnerships, the T5013 is due no later than March 31 of the calendar year following the year in which the partnership’s fiscal year ended. In cases, where the members of the partnerships are corporations, the T5013 is due no later than five months from the end of the partnerships fiscal period.
Payroll: Payroll remittances are 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.
Information Returns and Slips: Information returns that include T4, T4A, T5, T5018 and other must be filed on or before the last day of February in each year and shall be in respect of the preceding calendar year.
Business Tax Reminders: CRA has a Business Tax Reminder mobile apps to help small and medium-sized businesses remember their tax compliance deadlines. The mobile apps let’s business owners customize reminders and alerts for key CRA due dates related to installment payments, returns and remittances. Mobile Apps - Canada Revenue Agency
Date of Payment: All corporate tax payments, that are mailed to CRA are considered to be made on the day the payment is received by CRA and not on the day it was mailed. In addition, if the due date falls on a Saturday, Sunday, or public holiday recognized by CRA, the information return as well the payment for balance owing is due the next business day.
Disclaimer:
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact your advisor or accountant to discuss these matters in the context of your particular circumstances. Vartika Satija, CPA, CA do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.
References & Resources