1. Personal Income Tax Deadline -
The personal income tax deadline in Canada is April 30th of each year. This deadline applies to individuals, including sole proprietors, who have to file their personal tax returns by this date. If you owe taxes, you must also pay them by this deadline.
2. Corporate Income Tax Deadline -
For corporations, the tax deadline is different than the personal income tax deadline. Corporations have six months from the end of their fiscal year to file their tax returns. For example, if your corporation's fiscal year ends on December 31st, your tax return is due on June 30th.
3. GST/HST Filing and Payment Deadlines -
If your business is registered for GST/HST, you must file your returns and remit any taxes owed by the end of the month following the reporting period. For example, if your reporting period is January to March, your deadline is April 30th.
4. Payroll Remittance Deadlines -
If you have employees, you must remit their payroll deductions to the Canada Revenue Agency (CRA) on time. The remittance deadlines depend on the size of your payroll and the frequency of your remittances. Generally, you must remit deductions on or before the 15th of the following month.
5. Self-Employment Tax Deadline -
If you're self-employed, you have until June 15th to file your tax return. However, if you have a balance owing, you must pay it by April 30th to avoid interest charges.
In conclusion, as a small business owner in Canada, it's essential to stay on top of your tax obligations to avoid penalties and fines. By understanding the tax deadlines outlined in this guide, you can ensure that you meet your tax obligations on time. If you need assistance with your taxes, consider reaching out to Kristens Tax Service. I offer Tax Preparation remotely so that I am able to assist you from anywhere in Ontario.