Small businesses rarely have just one tax deadline. The dates that apply depend on your business structure, fiscal year, GST reporting period, payroll remittance schedule, and whether you collect British Columbia PST. A useful first step is to make a calendar from the due dates assigned to your own accounts rather than relying on a generic list.
Start with your business structure
A sole proprietor generally reports business income on a personal tax return. If you or your spouse carries on a business, the filing deadline for that return is usually June 15, but any balance owing is generally due April 30. Filing later does not extend the payment date.
A corporation files a T2 return within six months of its fiscal year-end. The corporate tax balance is usually due two months after year-end; some Canadian-controlled private corporations that meet the requirements have three months to pay. These are separate dates, so record both. Your year-end and eligibility affect the exact timing.
Track GST, payroll, and PST separately
GST/HST filing and payment dates depend on your reporting period and account. Annual, quarterly, and monthly filers can have different deadlines, and filing and payment dates may not be the same in every situation. Check the filing frequency and due dates in your CRA account or on your most recent notice.
Payroll remittances follow the schedule CRA assigns to your business. That schedule determines when deductions such as income tax, CPP, and EI must be sent. T4 slips and the T4 summary are generally due by the last day of February following the calendar year. In BC, PST filing frequency and due dates are set by the province, so keep those dates separate from your GST calendar.
Build a calendar that works in practice
Make one list of recurring dates and include the period each filing covers. Add reminders well before each deadline so there is time to collect records, review totals, and arrange payment. For each filing, keep the confirmation and a copy of what was submitted.
- Check CRA and provincial account notices for assigned schedules.
- Reconcile bookkeeping records before preparing a return.
- Set aside tax funds as income comes in rather than waiting for the due date.
- Update the calendar when your reporting period, payroll schedule, or fiscal year changes.
If you are unsure which date applies, confirm it with the relevant tax authority or your accounting professional before relying on a general rule. Ledgerline Accounting can help you get in touch about organizing your business tax calendar.
This article is general information, not financial advice, and it may not reflect the latest rules or your own situation. Talk to Ledgerline Accounting about your circumstances before acting on it.