Many corporations have year ends at December 31 and personal tax returns all operate on a calendar year basis. So, here are a few things to check to make sure you are in compliance with Canada Revenue Agency’s reporting requirements:
- Most small business corporations have 3 months after its year end to pay any corporate income tax that is due
- A corporation has 6 months to file its corporate income tax return
- A corporation must issue T slips (T4s, T5s, T5018s, etc) and file copies with Canada Revenue by the end of February
- Personal tax returns are due to be filed by April 30. Self employed persons have until June 15 to file although they must pay any tax due by April 30
- RRSP contributions made up to 2 months after a year end are usually deductible
- To make sure you don’t miss reporting some income or claiming all deductions look at our personal income tax checklist here
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