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