Facts:
Canada Revenue Agency (CRA) has a number of dates and deadlines of importance to corporations. Failure to comply with these deadlines may raise a red flag with CRA, which in turn may trigger an audit.
Discussion:
Corporate Tax – 2 months after your corporate fiscal year end-tax due for corporations with taxable income in excess of $500,000 or for corporations who are not Canadian Controlled Private Corporations (CCPC), or did not claim the Small Business Deduction Limit in the prior year. If your corporation is expected to be taxable in the fiscal year CRA must have received the estimated funds by this date; otherwise, interest will accrue on any balance due and not paid.
Corporate Tax – 3 months after your corporate fiscal year end-tax due deadline for CCPC’s with taxable income under $500,000. If your corporation is expected to be taxable in the fiscal year, CRA must have received the estimated funds by this date; otherwise, interest will accrue on any balance due and not paid.
Corporate Tax – 6 months after your corporate fiscal year end-corporate tax return filing deadline. Returns filed after this date with tax due will be assessed a penalty.
Payroll – 15th day of the following month-payroll remittances due for corporations with less than $15,000 monthly withholdings. If your withholdings exceed $15,000 then you could be required to submit remittances more frequently.
GST – One month after the month or quarter end or 3 months after your corporate fiscal year end-GST returns filing deadline depending on whether the corporation is a monthly, quarterly or annual filer.
Bonuses – 179 days after your corporate fiscal year end-deadline for payment of any bonuses declared at the corporate year end date to maintain the deductibility of the expense in the corporation.
Tslips – February 28 -T4 (Statement of Remuneration Paid) and T5 (Statement of Investment Income) slip and summary deadline for all corporations regardless of fiscal year end.
Note that if any of these dates fall on a weekend or statutory holiday, you have until the next business day to file. For example, as above, Statements of Remuneration Paid are normally due on February 28. However, due to the fact that this date falls on a weekend in 2015, the deadline is moved to the next business day, March 2, 2015.
You may also like to request a Gilmour Knotts Incorporated calendar to assist with managing your deadlines. In each calendar we highlight these dates and a number of other important deadlines .You can also view this tax planning calendar on our website at www.gilmour.ca
Recommendation:
If you have any questions about these or any other dates, please contact Gilmour Knotts Chartered Accountants to discuss further.