It’s a common questions among new business owners: How soon after my business’ year end do I have to file my corporate taxes? Read on for Liu and Associates breakdown of Canadian corporate tax filing deadlines.
Canadian Corporate Tax Returns
The basic rule when it comes to filing your Canadian corporate tax return is that you must submit your return no later than six months after the end of your business’ tax year. This means that each business’s T2 return date will differ depending on their fiscal year end.
Example
If your business’ year end is September 30, your Canadian corporate tax return would be due by March 30.
What Happens If My Year End Lands in the Middle of the Month?
If your year end falls on say, September 16, your due date would be March 16. The six month rule applies just the same.
My Filing Deadline Falls on a Saturday – Now What?!
If your filing deadline falls on a Saturday, Sunday or public holiday, as long as you send your claim on the first business day after the filing deadline you’ll be safe from any penalties!
Note: If you’re hoping to receive a tax refund, you must file your return no later than three years after the end of a tax year.
Alberta Provincial Corporate Tax Returns
Alberta based businesses have to file a separate provincial corporate tax return because Alberta administers their own corporate tax collection. For more information, visit the Treasury Board and Finance website. While filing deadlines are similar to CRA requirements, it’s good to familiarize yourself with both systems to avoid any fines or penalties.
Don’t Leave It Up To Chance
If you are confused or have questions about your corporate tax filings, don’t wait to ask! The experts at Liu & Associates LLP offer corporate tax services to ensure everything is done right and on time. Call us today!