What are Some Important Filling Deadlines for Small Businesses?
Missed deadlines are particularly harmful to small-businesses; for example, when owners of a private incorporated business learn that they have six months after their corporate year-end to file their return, they sometimes fail to realize that any tax owing still has to be paid within 90 days following the year-end. As a result, they are overwhelmed with unwanted interest on the amount owed from the 91st day to the date of filing.
Similarly, sole proprietors who report on a calendar year basis file a personal tax return, which must be filed by June 15 of the following year, but some sole proprietors do not realize that any tax owing must be paid by April 30. Interest accrues on the amount payable, subsequent to April 30 until the day of filing.
If you are an annual GST/HST filer, your payment and filing deadline is three months after the year-end, whereas for quarterly and monthly filers, it is by the end of the following month.
Please note that when a due date falls on a Saturday, Sunday, or public holiday, the CRA considers your payment to be paid on time/your return to be filed on time, if they receive it/it is postmarked on the next business day.
