Year End Matters

Year endMany 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:

Corporate matters

  • 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 matters

  • 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

Call us at (780)434-7146 or email us at if you would like more information.

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