Filing and payment deadlines – corporation

Question 1

Filing and payment deadlines – corporation

Answer 1

• Income taxes
  o Filing deadline is six months after year end.
  o Tax balances owing are due two months after year end (three months for CCPCs eligible for small business deduction).
• GST/HST filing deadline
  o Annual taxable supplies of:
   $1.5 million or less = annual reporting
   More than $1.5 million up to $6 million = quarterly reporting
   More than $6 million = monthly reporting
  o Annual or quarterly filers have the option to report more frequently.
  o Quarterly and monthly filers must file and remit the balance owing within one month after the end of the reporting period.
  o Annual filers must file and remit the balance owing within three months after the fiscal year end.
  o Annual filers are required to pay quarterly instalments if net GST owing in the previous year was more than $3,000.

References: ITA 150(1)(a), 248(1), Excise Tax Act 238(1)