Missing a corporate deadline costs money in penalties and interest. Here are the main dates for an Ontario corporation.
T2 corporate tax return
- Filing: within six months after your fiscal year-end. A December 31 year-end means filing by June 30.
- Payment: any balance owing is generally due two months after year-end, or three months for many Canadian-controlled private corporations that qualify for the small business deduction. Interest starts on the due date, even if you file later.
Late-filing penalty
If you file late and owe tax, the penalty is generally 5% of the unpaid tax plus 1% for each full month late, up to 12 months. Repeat late filers face higher penalties.
Instalments
If your corporation's tax was more than $3,000 in the current or previous year, CRA expects instalments, usually monthly. Some small CCPCs qualify for quarterly instalments.
Slips
- T4 slips for salaries and T5 slips for dividends are due by the last day of February.
- Payroll source deductions are usually due by the 15th of the following month.
Ontario annual return
Ontario corporations file an annual return through the Ontario Business Registry, generally within six months after year-end. It is separate from the T2.
GST/HST
Due dates depend on whether you file monthly, quarterly or annually. Monthly and quarterly returns are generally due one month after the period ends, and annual returns three months after year-end.
We track these dates for our clients. If you're behind, contact us and we'll help you catch up.
This article is general information, not tax advice. Rules and amounts change; contact us about your situation.