Corporate Income Tax Deadline
The due date to file your corporate income tax return is six (6) months following your corporation’s year end.
For example, if you have a
- December 31st year-end; your income tax return is due June 30th.
- March 31st year-end; your income tax return is due September 30th.
When Corporate Taxes Must be Paid
Existing corporations are required to pay tax by instalments throughout the year if their income tax bill is more than $3,000. New corporations are exempt from the instalment requirements in their first year.
Due Date for CCPC
The due date for a Canadian controlled private corporation, claiming the small business deduction and whose taxable income is less than $500,000, is three months following the corporations’ year-end.
- December 31st year-end; the balance is payable by March 31st.
- June 30th year-end; the balance is payable September 30th.
For all other corporations, the due date is two months following their year-end.
The penalty for remitting taxes late is 5% of the unpaid amount and 1% per month on any past due amounts.
For example, a tax bill of $10,000 can result in a penalty of $500 if remitted late.
Please note when a due date falls on a Saturday, a Sunday, or a public holiday recognized by the CRA, your payment is on time if we receive it on the next business day.