It’s the beginning of the year, the time we start to wonder about when taxes are due. Depending on your situation, there are several dates you should keep in mind.
Let’s start with personal taxes.
The first date that comes along is the RRSP contribution deadline. You can contribute to your RRSP and have the contribution reduce your 2019 taxes owing until Monday March 2, 2020. Any contribution following that will apply to the 2020 taxes.
Later in March, the first tax installment payment is due, on March 15, 2020, if required to pay. Following that, additional installments are due June 15, 2020, September 15, 2020, and December 15, 2020.
If you’re not self-employed (and neither is your spouse) then your T1 tax return and respective tax owing are due on April 30, 2020.
However, if you or your spouse were self-employed in 2019, then your T1 tax return is due later, on June 15, 2020. Be sure to remember that any tax owing is due April 30, 2020 so it is best to prepare and file your return prior despite the later deadline.
But what if you have a corporation?
As individuals we follow the calendar year, however, corporations can have fiscal year-ends that do not necessarily follow the calendar year. The filing deadline for your filing your T2 corporate tax return is 6 months following year-end, whatever date that is.
Despite the filing deadline, if your corporation is a Canadian Controlled Private Corporation (“CCPC”), claimed the small business deduction for the current or prior year, and had taxable income of less than $500,000 in the previous year then any tax owing is due 3 months following year-end. However, if your corporate scenario does not fit the above, any tax owing is due 2 months following year-end.
The other common filing we will discuss here is the GST filing due dates. There are several scenarios that you may fall into so let’s discuss some here.
If you are a monthly or quarterly filer, your GST return and any amount owing is due 1 month following the reporting date.
If you are an annual filer, it is a bit more complicated. Those individuals with December 31 year-ends are required to file their GST return by June 15, 2020 with any amount owing being due April 30, 2020. For businesses that are annual filers, the GST return and amount owing is due 3 months following year-end.
Also keep in mind if any of the above dates fall on a weekend or public holiday that is recognized by the CRA the deadline is the following business day and will be accepted as filed on time if done then.
If you have any questions about the above deadlines please get in touch with us as we are always happy to help.