Are you hoping to never miss a corporate filing deadline?
Canada Revenue Agency (CRA) has a number of dates and deadlines of importance to corporations. Failure to comply with these deadlines may raise a red flag with CRA, which in turn may trigger an audit.
Corporate Tax – 2 months after your corporate fiscal year end: tax due for corporations with taxable income in excess of the Small Business Deduction Limit for corporations who are not Canadian Controlled Private Corporations (CCPC), or did not claim the Small Business Deduction Limit in the prior year. If your corporation is expected to be taxable in the fiscal year CRA must have received the equal instalments required throughout the year. The top up amount is due by this date otherwise, interest will accrue on any balance due and not paid.
Corporate Tax – 3 months after your corporate fiscal year end: tax due deadline for CCPC’s with taxable income under the Small Business Deduction Limit. If your corporation is expected to be taxable in the fiscal year, CRA must have received the equal instalments required throughout the year. The top up amount is due by this date otherwise, interest will accrue on any balance due and not paid.
Corporate Tax – 6 months after your corporate fiscal year end: corporate tax return filing deadline. Returns filed after this date with tax due will be assessed a penalty on amounts owing.
Payroll – 15th day of the following month: payroll remittances due for corporations with less than $25,000 monthly withholdings. If your withholdings exceed $25,000 then you could be required to submit remittances more frequently.
GST – One month after the month or quarter end or 3 months year end—GST returns filing deadline depending on whether the corporation is a monthly, quarterly or annual filer.
Bonuses – 179 days after your corporate fiscal year end: deadline for payment of any bonuses declared at the corporate year end date to maintain the deductibility of the expense in the corporation. If this deadline falls on a weekend or statutory holiday then the bonus must be declared earlier than 179 days.
Tslips – February 28: T4 (Statement of Remuneration Paid) and T5 (Statement of Investment Income) slip and summary deadline for all corporations regardless of fiscal year end.
Note that if any of these dates, with the exception of bonuses which is outlined above, fall on a weekend or statutory holiday, you have until the next business day to file. For example, if your payroll remittance is due on January 15th, 2017, which falls on a Sunday this year, then the deadline is moved to the next business day, Monday, January 16, 2017.
Tax Technician, Gilmour Group CPA’s
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