Last updated: Jul. 27, 2016
Running a small business can be time consuming; adding all the tax filings, paperwork and payments required by the government can add to your already full schedule.
And keeping up with all the requirements can be even more time consuming.
To ensure you have everything on your calendar, here is a list of tax dates including remittance payments, payroll deductions and GST/HST filings.
Tax Deadlines and Payments
- January 16 – December or Quarterly Payroll Deduction payment due
- January 31 – • Due Date for filing and remitting (GST/HST) for the prior quarterly reporting period
- February 15 – January Payroll Deduction payment due
- February 28– Deadline for filing T4 Summary and supplementary slips. Deadline to make RRSP contributions for the previous tax year.
- March 15 – If you pay taxes by instalments, a payment is due before this date. Also February Payroll Deduction payment due
- April 15 – March or Quarterly Payroll Deductions payment due
- April 30, 2016 – Deadline for individual T1 tax returns. Even if you’re self-employed, you must pay any taxes owing by this date or you will be charged interest.
- May 1 – Due Date for filing and remitting (GST/HST) for the prior quarterly reporting period
- May 15 – April Payroll Deduction payment due
- June 15– Deadline for self-employed persons to file tax return. If you or your spouse or common-law partner carried on a business your tax return has to be filed on or before June 15. However, if you have a balance owing, you still have to pay it on or before April 30. If you pay taxes by instalments, a quarterly tax payment is due also May Payroll Deduction payment due.
- July 15 – June or Quarterly Payroll Deduction payment due
- July 31 – Due Date for filing and remitting (GST/HST) for the prior quarterly reporting period
- August 15 – July Payroll Deduction payment due
- September 15 – If you pay taxes by instalments, a payment is due before this date. August Payroll Deduction payment also due.
- October 15 – September Payroll Deduction payment due
- November 15 – October Payroll Deduction payment due
- November 30 – Due Date for filing and remitting (GST/HST) for the prior quarterly reporting period
- December 15 – If you pay taxes by instalments, a payment is due before this date. November Payroll Deduction payment also due
- December 31 – If your main source of income is self-employment income from farming or fishing, you have to make only one instalment payment by December 31
Other Obligations
If you’re incorporated, your corporation income tax return is due no later than 6 months after the end of the corporation tax year. The tax year of a corporation is its fiscal period.
If you hire contractors, the T5018 Statement of Contract Payments information return is due 6 months after the end of the reporting period you have chosen.
It can seem overwhelming. Your best decision may be to hire a bookkeeper and small business tax specialist to take care of this for you.
Hiring a small business tax professional will allow you to focus on more important things: finding new customers, meeting the needs of your existing ones, and have some free time to spend with family and on leisure activities.
Already Filed?
If you’re not happy with the results or unsure that you received all the credits and deductions you’re entitled to, contact FBC for a second opinion on your taxes.
When you join FBC, we review your previous 3 years’ tax returns for an initial tax review of your situation.
Haven’t Filed Your 2015 Taxes?
Don’t wait for CRA to contact you about unfiled taxes! Let FBC Take a Closer Look Before CRA Does.