The tax deadlines come thick and fast this time of year. Here are four of the most critical:
Employer information returns due
Employer information returns consist of both a summary and slip(s). Depending on the type of income you pay, you may have to file one or more types of returns. Summaries and slips are due on the last day of February that follows the calendar year that the information return applies to, except for summaries and slips for the T1204 and T5018 information returns. If you file more than 50 information returns (slips) for a calendar year, you need to file the return online.
Corporation income taxes due
All resident corporations (except tax-exempt Crown corporations, Hutterite colonies and registered charities) are required to file a corporation income tax return, or a T2, every tax year, even if there is no tax payable. This includes nonprofits, tax-exempt corporations and inactive corporations. Most can file electronically. It’s mandatory for certain corporations with an annual gross revenue that exceeds $1 million. Non-resident corporations have to file a T2 in certain situations. File your return—or allow our Toronto-based network of corporate tax accountants to do it for you—within six months of the end of each tax year, which, for a corporation, is its fiscal period.
Personal income taxes due
Most personal income tax and benefit returns for 2016 are due April 30, which, this year, falls on a Sunday. So the CRA will consider your return and payment filed on time if they’re received by midnight May 1, or if they’re postmarked May 1. You, or your income tax accountant, can file online as early as February 20. If you or your spouse or common-law partner is self-employed, you have until June 15.
GST/HST quarterly installment deadline
If you’re an annual filer and your net tax for a fiscal year is $3,000 or more, you may have to make quarterly installment payments throughout the following fiscal year. If your business has branches or divisions that file separate returns, the threshold limit applies to the total net tax for the whole business. Installment payments are due within one month after the end of each of your fiscal quarters.
To begin planning your return, click here for a free (no-obligation) consultation with CA4IT. As one of the most respected accounting networks across Canada (and one of the few that’s ISO-registered), we’ve been providing tax-consulting services for more than a quarter-century.