Business and Trade

The Corporate Tax Filing And Payment Deadline In Canada

Small businesses must know the CRA deadlines for corporate taxes, HST remittances, and payroll remittances. If you miss a payment deadline, CRA may apply costly interest and penalties to the owing amount, so you must stay on top of all business tax deadlines or hire a business accountant who will keep you informed.

Corporate tax filing deadlines usually occur six months after the end of the tax year. Therefore, corporations with different year-ends have different due dates. Your corporate tax return must be filed by the end of six month following the end of your tax year.

If your tax year ends on November 30, you must file your return by May 31. A tax year ends on August 31. August 31 will be a filing deadline of February 28.

Some tax filing deadlines fall on weekends (Saturday or Sunday) or public holidays. If you file it before the deadline, the CRA still considers it filed on time.

When to file a Corporate tax return 

Your corporate tax return must be filed by the end of the year, but you only have a little time to pay the taxes.

Tax returns must be filed within six months of the end of the corporation’s tax year if the tax year ends on the last day of the month.

The corporate tax return must be filed by the end of six month after the tax year-end if the last day of the tax year does not coincide with the last day of the month.

For example:

  • The filing deadline is September 30 or September 30 if your tax year ends March 31 or 31.
  • The deadline for filing your tax return if your tax year ends on August 31 and August 31 is February 28.
  • The filing deadline is March 23 if your tax year ends September 23.

Due dates for owing balances are typically two months after the end of a tax year. Unless it’s your first tax year or you have a total amount under $3,000, you must pay the remainder of your tax owed by that date if you paid the installments. In some cases, corporation tax payments must be made within three months.

Check your qualification criteria. 

Generally, the tax balance is due three months after the tax year-end if the following conditions are met:

  • In the tax year under review, the corporation is a privately held Canadian corporation.
  • Corporations have claimed small business deductions for current or previous tax years.
  • The corporation’s taxable income for its last tax year ending in the previous calendar year must not exceed its business tax deadlines if it is associated with any other corporation (such as a sister company) during the tax year.
  • Corporations with no associations during their tax years may not exceed their business limits if they don’t engage in any business activity during their taxes.

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