Missing a deadline can mean penalties and interest, even when the numbers are right. Here is a plain-language summary of the dates most Canadian small business owners need to watch. Your own dates depend on your fiscal year, filing frequency and remitter type, so treat this as a starting checklist.
Personal income tax (T1)
Most individuals must file by April 30 for the previous year. If you or your spouse or common-law partner are self-employed, the filing deadline is usually June 15, but any balance owing is still due April 30. Interest starts running from May 1.
Corporate income tax (T2)
A corporation’s T2 return is generally due six months after its fiscal year-end. Any tax owing is usually due earlier, generally two months after year-end, or three months for certain small Canadian-controlled private corporations.
GST/HST returns
How often you file (monthly, quarterly or annually) depends on your annual taxable sales. Returns and payments are generally due one month after the end of your reporting period. Annual filers have a longer period to file. Manitoba’s retail sales tax (RST) is separate and follows its own schedule, so check your filing frequency with Manitoba Finance.
Payroll remittances
If you have employees, source deductions (income tax, CPP and EI) are generally due by the 15th of the month after the pay period for regular remitters. Larger employers may have to remit more often.
T4 slips
T4 slips and the T4 Summary for the previous year are due by the last day of February.
Three habits that keep you on time
- Put every deadline in a shared calendar with a reminder two weeks ahead.
- Keep your books reconciled monthly, so numbers are ready when a deadline arrives.
- Set aside tax and payroll money as you earn it, instead of scrambling at the due date.
If you would rather not track all of this yourself, that is exactly what we do. Contact us for a free consultation.
General information only. This article is not tax, legal or financial advice for your situation. Rules, rates and deadlines change, so confirm current details with the Canada Revenue Agency or a qualified professional before acting.