Tax Season is here! The Canada Revenue Agency (CRA) sets strict filing deadlines and expects to receive income tax returns and payments on time. To avoid any late fees, you need to know when your return and payments are due. Here is a list of some important deadlines you will not want to miss otherwise you may incur the wrath of the taxman.

Corporate Tax Return

The deadlines for corporate taxes are much different than personal tax deadlines. In general, corporate tax returns are due 6 months after the year-end. This is where things can get a little bit tricky, as a corporation’s year-end does not necessarily always fall on December 31st. 

 

For example, if the corporation’s year-end was on September 30th, 2019, their tax return would be due March 30, 2020.

 

 

Corporate Tax Balance Due Dates

Another important deadline to know is when any outstanding taxes are owed. While a corporate tax return is due 6 months after the year-end, the due dates for any balances owing are much earlier. If any outstanding taxes are owed, these are due 2 months after the corporation’s year-end. 

 

However, there is an exception to this that is very common. Corporate taxes are due 3 months after the corporation’s year-end if the following criteria apply:

• The corporation is a Canadian Controlled Private Corporation (CCPC).
• The corporation claimed the small business deduction for the current or previous year.
• The corporation and all associated corporations (if applicable) had taxable income less than $500,000 in the previous year. 

Because these exceptions noted above are very common, there is a good chance your corporate taxes are due 3 months after the year-end. However, if you are unsure if you fall into these categories, it is recommended that you speak to a professional to make sure you have the right dates for your deadline.

HST Deadlines

There are a few different deadlines for HST returns. These due dates depend on how often your HST returns are filed.

• If you file your HST returns Monthly, the return and amounts owing are due 1 month after the end of the reporting period. 
• If you file your HST returns Quarterly, the return and amounts owing are due 1 month after the end of the reporting period.
• When HST returns are filed Annually by a business that is not an individual, the return and amounts owing are due 3 months after the reporting period end date. 
• Individuals who file HST annually and have December 31 as their fiscal and tax year-ends have slightly different due dates. They mirror the tax due dates for self-employed individuals. 
  • HST owing is due April 30, 2020
  • Filing of the HST returns is due June 15, 2020

If you have any questions or need further clarification about when something is due, don’t hesitate to contact Keenans Accounting Service at 705-526-7628 and we would be more then happy to assist you with your tax needs.