Some Important Dates For Tax

It is important that you file any required returns, and remit payments, on time. Penalties apply if you don't, and interest is charged on unpaid taxes and penalties.  The following table lists the general due dates for some common filing and payment requirements.  There are other due dates for certain activities.  Your advisor should be able to advise you the circumstances in which they apply.  

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Corporate Tax  GST  Personal Tax  Payroll  Other Dates

Corporate Tax

Monthly

Corporations have to pay instalments of their current-year taxes, by the last day of each month.

Two Months From Taxation Year

For corporations not claiming the small business deduction, balance of the corporation tax payable is due.

Three Months From Taxation Year

For corporations claiming the small business deduction, the balance of the corporation tax payable is due.

Six Months From Taxation Year

Corporations must file a T2 corporation income tax return no later than six months after the corporation’s year-end.

GST

Reporting Frequency

<= $500,000 in annual taxable sales - File annually (optional monthly or quarterly)
> $500,000 and <= $6,000,000 in annual taxable sales - File Quarterly (optional monthly)
> $6,000,000 in annual taxable sales - File Monthly

Monthly or Quarterly Reporting

File return and remit amounts owing no later than one month following the reporting date.

Annual Reporting

File return and remit amounts owing no later than 3 months following the fiscal period. 

If you have to pay instalments, the payment is due no later than one month following the last day of the instalment fiscal quarterly date.

If you are an individual reporting business income with a December 31 fiscal period, you have until June 15 to file the return but the amounts owing are due by April 30.

Instalment Requirements

For fiscal years beginning after 2007, if you are an annual filer and your net tax in a fiscal period is $3,000 or more, you have to make quarterly installments in the following fiscal year of 25% of the previous years net tax.

Personal Tax

April 30

File your T1 personal income tax return for the previous year. Pay any tax amounts owing. Most self-employed individuals and their spouses have until June 15 to file their returns, however any tax owing is still due April 30.

Payroll Related Due Dates

Generally, the employer must remit the payroll deductions from the employees’ paycheques, along with your employer’s portion of Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums, to the Canada Revenue Agency (CRA) by the fifteenth of the following month. Payments generally can be made to a Canadian financial institution or any tax center. However, if any monthly payroll payment will exceed $50,000, the payment must be made at a Canadian financial institution. If the payment is made to CRA, there will be a penalty of 10% for the first infraction. The $50,000 per month threshold applies in every case including lump sum payments for a yearly bonus.
However, there exceptions to the fifteenth day rule for submitting payments for small employers and large employers. 
Certain small employers can apply to remit quarterly provided all of the following requirements are met:
- have an average monthly withholding amount of less than $1,000 in either the first or the second preceding calendar year;
-have a perfect compliance history in the previous 12 months (the CRA views a perfect compliance history to mean all deductions, withholdings, and remittances of income tax, GST/HST, CPP and EI have been made on time, and T4 information returns and GST/HST: information returns are also filed on time); and
- have not outstanding GST/HST returns or T4 information returns for the previous 12 months.
 
Larger employers may become “accelerated remitters” where remittances are made earlier than the 15th of the month following the payroll. There are two thresholds for accelerated remittances. 
Threshold 1:
Employers with an average monthly withholding amount of $15,000 to $49,999.99 in the second preceding calendar year are generally this category. For example, if you are determining whether you are a threshold 1 employer for 2003, you would review your average monthly withholdings for 2001. Those employers who are considered “threshold 1” employers remit as follows:
- amounts withheld from payroll between the 1 – 15th of the month must remit these amounts by the 25th of the same month; and
- amounts withheld from payroll between the 16th – the last day of the month must remit these amounts by the 10th of the following month.
Threshold 2:
Employers with an average monthly withholding amount of $50,000 or more in the second preceding calendar year are generally in this category. Those employers who are considered “threshold 2” employers remit by the third working day after the end of the following periods:
- from the 1st – 7th of the month;
- from the 8 – 14th of the month;
- from the 15th – 21st of the month; and
- from the 22nd to the last day of the month.
It should be noted that threshold 2 employers are required to make their payments only at a Canadian financial institution. 
Lastly, if the employer is associated with another company, there are additional rules. You should consult with your advisor or with your taxation service center to assess the impact on your remittance requirements.  

Other Important Dates

NR6 Returns for Withholding Tax Reductions

Due by the earlier of the date of first rental receipt or by the first day of the taxation year.

Must be filed on an annual basis to be valid.

Last Day of February

File your T4 and T4A Supplementary slips along with the related Summary for the prior calendar year. Distribute the supplementary slips to your employees.

File your T5 returns for interest, dividends, and other payments to residents.

T4A-NR returns are due for the previous calendar year. T4A-NR returns disclose certain payments to non-residents for services rendered in Canada. Certain types of payments require withholding tax to be remitted to the Federal government which is due by the 15th day of the month following payment to the non-resident.

March 15

If you are self-employed, make your first instalment payment of tax and CPP contributions.

March 31

T3 returns are due for December year-ends. T3 returns disclose Trust income and distributions and issue T3 supplementaries to Trust beneficiaries for inclusion on their income tax returns.

NR4 returns are due for the previous calendar year. NR4 returns disclose certain payments to non-residents such as dividends and interest. Certain types of payments require withholding tax to be remitted to the Federal Government which is due by the 15th day of the month following payment to the non-resident.

Partnerships (except those made up of corporations, or a combination of individuals, corporations, or trusts with different filing dates) must file a partnership information return.

June 15

If you are self-employed, make your second instalment payment. Self-employed individuals (and their spouses) must file their T1 personal income tax returns. However, you have to pay any balance owing by April 30, to avoid interest charges.

September 15

If you are self-employed, make your third instalment payment of tax and CPP contributions.

December 15

If you are self-employed, make your fourth instalment payment of tax and CPP contributions.

December 31

For farmers and fishers, calculate and pay the amount of your current-year instalment payment.

  

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