Due dates to submit reports and returns to Canada revenue agency (CRA) are extremely important, even if you can’t make payments on what you owe please send the reports to CRA to avoid late filing interest and penalties. Some of these fees, depending on how much you owe could potentially be very high. Mark these days on your calendar or Iphone or android so you get the reminder. I have seen cases that people have missed the due dates and had to make big payments. Just as an example late filing for source deduction is 10% of amounts owing. That is prey high and should convince you to submit and pay. I have provided some of the due dates below which help you with filing your returns.
My clients get a few reminders to send their reports and payments so that they are not penalized. So get to the habit of checking this site or marking your calendar.
So we have learned so far?
To avoid late filing penalties: Submit your returns to CRA even if you don’t have the money to pay it.
To avoid late payments, pay on time.
The best strategy to follow is: pay your taxes a little bit at a time (instalments) especially if you are self-employed. $100 per week may not be a huge cash outflow problem. If you do this, you’ll have paid CRA $5,200 (100*52 weeks) which can help you immensely when you file your taxes. If you owe money, you are covered. If you don’t owe less than that the excess will come back to you.
Try this and let me know please. Send me an email (email@example.com) or text me at 613 266 7013with your thoughts.
Word of advice, leave these due dates to your accountant or bookkeeper and focus on your business. Keeping track of these dates will require you to focus and spend energy here which otherwise should be spent on the business itself. So if you can delegate this task.
Payroll: Every 15th of the months are the due dates for source deduction remittances.
HST: Depending on your Harmonized Services Tax (HST) setup you might have different due dates however, if you are on a quarterly basis filing method.
Q1 (Jan to end of March): April 30th
Q2 (April to end of June): July 31st
Q3 (July to end of September) : Oct 31st
Q4 (October to end of December): Jan 31st
T4 submission to Canada Revenue Agency (CRA) is the last day of February.
Personal tax returns (T1) are due April 30th.
Self-employed tax returns are due on June 15th however, interest on taxes owing are calculated from April 30th. Penalties are assessed after the June 15th.
Instalment payments due dates: March 15, June 15, September 15, and December 15.
Corporate taxes filing dates (T2): 6 months after the year-end.
Corporate tax owing dates (T2): 3 months after the year-end.
RESP: 1st 60 days of the year. Often is early March.
I hope this had provided you with some TIPS. additionally I hope this has saved you a lot of money.
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