Let’s get you and your business ready for a smooth tax season this 2024!
In this article, we’ll go over all the important tax deadlines for small businesses in Canada you need to know about, whether you’re self-employed or a corporation.
Self-Employed Tax Deadline for Small Business 2024
June 15th, 2024
If you're self-employed in Canada, the tax deadline for filing your income tax return is June 15th, 2024, for the 2023 tax year.
However, the payment deadline is still due no later than April 30, 2024, to avoid interest charges.
Due to this, we recommend considering April 30 as your actual deadline. The extra time gives you a buffer period to collect your financial records.
Corporation Tax Deadline for Small Business 2024
Based on your fiscal year-end
When is corporate tax payment due? For incorporated businesses in Canada, the tax deadline varies based on your fiscal year-end.
Generally, if your corporation's fiscal year ends on December 31, 2023 (this is the case for most small businesses), your corporate tax return (T2) is due six months after that, which would be June 30, 2024.
However, your payment is due only 2 months after the fiscal year ends.
If your fiscal year-end is different, you’ll have to adjust your deadlines accordingly.
What Is the Penalty For Filing Taxes Late?
5% of the balance owing + 1% each month
Filing taxes late for a small business can result in penalties and interest charges. The penalties can be significant and are calculated based on the amount owing and the number of days your return is late. For instance, the late-filing penalty is 5% of the balance owing, plus an additional 1% of the balance owing for each full month your return is late, up to a maximum of 12 months.
Sales Tax Deadlines in Canada
Your corporate GST/HST/QST return deadline depends on your business’ specific reporting period.
The options are:
Monthly reporting period: Your sales tax filing and payment are due one month after the end of your reporting period.
Quarterly reporting period: Your sales tax filing and payment are due one month after the end of your reporting period.
Annual reporting period: Your sales tax filing and payment are due 3 months after your fiscal year-end.
Where Can I Find My Sales Tax Reporting Period?
When you first set up your sales tax account, you have the chance to select your preferred filing period. If your business is earning under $1.5 million per year, quarterly filing will be your default.
You can double check your reporting period on your GST34-2, GST/HST Return for Registrants, which you should receive from the CRA.
If you can’t find this document, or never received it, you can request a new one by contacting the CRA at 1-800-959-5525. Note that you can also find your reporting period in your CRA business account.
Other Important Deadlines for Small Businesses
A few other important deadlines that you might want to know about:
T4, T4A, and T5 Slips Deadline: If you have employees, you must distribute and file T4, T4A, and T5 slips on or before the last day of February following the calendar year to which the slips apply.
RRSP Contribution Deadline: The deadline for RRSP contributions for the 2023 tax year is February 29th, 2024.
TFSA Contribution Deadline: The “deadline” for TFSA contributions for the 2023 tax year is December 31st, but unused contributions will be carried forward to the next year.
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