Important Deadline

It is very important to file taxes on-time to avoid penalties. Keeping track of deadlines can be very hectic so we have summarized all major dates in one place:

Personal Income Tax

All taxpayers have to file their tax returns by April 30th of the next year. The taxpayers who are married must file separate returns. If the taxpayer has an incorporated business then the filing deadline can be extended to June 15th. The filing is only extended to the next working day if the deadlines fall on a weekend.

Self-employed Tax

The self-employed tax filing year is from Jan 1st to Dec 31st. If they owe taxes, they need to pay them by April 30th to avoid interest but they must file by June 15 to avoid penalty. The deadline extension happens for common-law partners and spouses as well. The reason behind this for each common-law partner and spouse, you need to report the net income on the other person’s taxes.

Harmonized Sales Tax (HST)

If you are quarterly registered for HST from Quarter1 Jan 1st to March 31st, your HST needs to file by April 30th to avoid interest or penalty. It is highly recommended to file returns on time. Usually, the penalty amount is greater than the interest amount.

Corporate Year-ends

Corporate tax year-ends selected in the first 365 days of the corporation started. Your first filing determines the year-end date. You have three months after the year-end date that you’ve elected to pay any past due taxes to avoid any interest. Your deadline to file is 6 months to avoid penalties and if you owe taxes and plan to file taxes on the last month so you have been accumulating Interest since 1st day of the fourth month.

Payroll

If you have employees working for your business, you are required to remit their source deductions which include CPP, EI, and income taxes to the CRA by the 15th of the following month. For example, you have three employees and you paid them in January so by the 15th of February you need to submit their source deductions to the CRA. At the end of the year, all employees should be issued T4s which would be due on the last day of February of the following month. It is the legal responsibility of the business to issue T4 on time to avoid penalties.

It is important to note that if you are an employee of your corporation, you can choose by an election to get an exemption from E1 contributions. You can choose not to contribute to E1 and so can your spouse or common-law partner can be exempt from E1 if they are taking payroll from the corporation where you work.

Personal Income Tax

Filing Date:

Mar 1, 2023: Deadline to contribute to an RRSP, a PRPP, or an SPP

Apr 30, 2023: (May 1, 2023 since April 30 is a Sunday): Deadline: file your taxes

Jun 15, 2023: Deadline to file your taxes if your spouse, you or your partner is self-employed

Non-residents of Canada

April 30, 2023

June 15, 2023

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