Staying on top of tax deadlines is essential for avoiding penalties and keeping your business on track. Whether you’re a sole proprietor, run a corporation, or collect GST/HST, your filing and payment dates can vary. This blog breaks down the key deadlines based on your business structure—so you never miss a payment or filing again.
Sole Proprietorships and Partnerships
For sole proprietors and partners, your business income is included as part of your personal tax return.
Tax Filing Deadline: June 15.
Payment Deadline: April 30 (even though the filing deadline is later, interest starts accruing after April 30 if taxes aren’t paid).
Corporations
Corporations operate on a separate fiscal year and have different filing and payment deadlines.
Corporate Tax Return Filing Deadline
- Six months after the end of your fiscal year.
- Example: If your fiscal year ends on December 31, your return is due by June 30.
Payment Deadline:
- Generally, two months after the fiscal year-end.
- For Canadian-controlled private corporations (CCPCs) eligible for the small business deduction, the deadline is three months after year-end.
GST/HST Filing and Payments
If your business is registered for GST/HST, the deadlines for filing and paying depend on your reporting period:
- Monthly Filers: Due one month after the reporting period ends.
- Quarterly Filers: Due one month after the quarter ends.
- Annual Filers: Due three months after your fiscal year-end.
Conclusion
Taxes can be complicated, but staying organized and aware of deadlines is half the battle. Set reminders, work with a qualified accountant, and keep accurate records throughout the year to make tax season stress-free. Reach out to us today to ensure your business stays compliant and optimized for success.
