Small business tax deadlines are not all tied to the same date. Your business structure, fiscal year-end, GST filing frequency, and CRA payroll remittance schedule can each create a different due date. A useful first step is to keep these obligations on one calendar rather than treating “tax time” as a single event.
Income tax dates depend on your structure
If you operate as a sole proprietor, business income is generally reported on your personal T1 return. The filing deadline is usually June 15 when you or your spouse carried on a business, but any balance owing is generally due by April 30. Filing later does not extend the payment deadline.
An incorporated business files a T2 corporate income tax return. The return is due six months after the corporation’s fiscal year-end. The tax balance is generally due two months after year-end, though some eligible Canadian-controlled private corporations may have three months to pay. Confirm which payment deadline applies to your corporation rather than assuming the return deadline is also the payment deadline.
Track sales tax and payroll separately
GST/HST filing and payment dates depend on the reporting period assigned to your account. Monthly and quarterly filers generally file and pay within one month after the period ends. Annual filers may have different filing and payment deadlines depending on the business and its structure. Check your CRA account or filing instructions for the dates that apply to you.
In British Columbia, PST is administered separately from GST. Your PST filing frequency and due dates are set for your account, so include those dates on the same calendar. Payroll remittances are separate again: CRA assigns a remittance schedule, and the payment due date depends on that schedule. A payroll remittance is not the same as a payroll filing at year-end.
Build a calendar you can actually use
At the start of each year, record your fiscal year-end, GST and PST reporting periods, payroll remittance dates, and income tax payment dates. Add reminders ahead of each deadline so there is time to gather records and arrange payment. Keep confirmation numbers and copies of filed returns with your bookkeeping records.
- Confirm filing frequency and due dates in your CRA and provincial accounts.
- Set aside funds as income and sales tax obligations arise.
- Review the calendar when your fiscal year, payroll schedule, or sales tax frequency changes.
Deadlines can vary with your circumstances, and rules may change; verify current dates with the relevant tax authority. If you would like help organizing your business filing calendar, you can get in touch with Ledgerline Accounting.
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.