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Important Dates for Businesses: Paymentsin Tax Advice Information and Updates
On this blog, we’ll take a look at the important dates that you have to know with regards to making payments.
Please note that if the due date for making a payment falls on a Saturday, a Sunday, or a public holiday, the CRA will consider the payment to be made on time if it is received on the next open business day.
Corporation income tax due dates
Paying your balance of corporation tax: The balance of tax is the tax payable for the tax year after you have deducted the installments already made for the year. This amount is paid two or three months after the end of the tax year depending on your balance-due day. Generally, all corporation taxes charged under the Income Tax Act are due two months after the end of the tax year.
Corporation income tax installments
Installment payments are due on the last day of every complete month of the tax year or of every complete quarter if you are an eligible small Canadian-controlled private corporation.
The first payment is due one month or one quarter less a day from the starting day of your tax year.
The rest of the payments are due on the same day of each month or each quarter that follows.
Most GST/HST payments are due at the same time as your GST/HST returns. The due date is at the top of your personalized return, the GST34-2.
Payroll remittance due dates
Remittance due dates by remitter type:
-Quarterly remitter – April 15, July 15, October 15 and January 15
- Regular remitter – 15th day of the next month
- Threshold 1 accelerated remitter – 25th day of the same month, 10th day of the next month
- Threshold 2 accelerated remitter – 3rd working day after the 7th of the month, 3rd working day after the 14th of the month, 3rd working day after the 21st of the month, 3rd working day after the last day of the month.
It may be a challenge for some business owners to keep up with these important dates, so please do contact KD for assistance in this area.