Running a business in Canada comes with numerous financial obligations, and meeting deadlines is crucial to maintaining compliance and avoiding penalties. To help you stay organized, here are key financial deadlines every business owner should know:

1. Corporate Tax Deadlines

Corporate Income Tax Filing

Most corporations must file their T2 Corporation Income Tax Return within six months of the end of their fiscal year.

Balance Due Date

Corporate taxes owing are typically due two months after the end of the fiscal year, or three months for eligible Canadian-controlled private corporations (CCPCs).

2. GST/HST Filing Deadlines

Monthly Filers

If you file monthly, your GST/HST return and payment are due by the last day of the month following the reporting period.

Quarterly Filers

Quarterly returns and payments are due one month after the end of each quarter.

Annual Filers

Annual GST/HST returns and payments are due three months after your fiscal year-end.

3. Payroll Remittance Deadlines

Regular Remitters

Payments for deductions (CPP, EI, and income tax) are due by the 15th of the following month.

Quarterly Remitters

Quarterly remittance payments are due by the 15th of the month following the quarter, available to eligible small employers.

4. T4 and T5 Filing Deadlines

T4 Slips and Summary

These must be filed and distributed to employees by the last day of February following the calendar year.

T5 Slips and Summary

Similar to T4s, T5s for investment income must also be filed and distributed by the end of February.

5. Instalment Payment Deadlines

Corporate Tax Instalments

If required, corporate instalments are typically due on a monthly or quarterly basis, depending on your corporation’s size and tax liability.

Individual Instalments for Business Owners

Sole proprietors and unincorporated business owners may need to make quarterly instalment payments. These are due on March 15, June 15, September 15, and December 15.

6. RRSP Contribution Deadline

Contribution Deadline for Sole Proprietors

For sole proprietors or business owners contributing to their personal Registered Retirement Savings Plan (RRSP), the contribution deadline for the previous tax year is March 1.

7. WSIB and Provincial Tax Deadlines

Workplace Safety and Insurance Board (WSIB)

In Ontario, for example, WSIB premiums are typically due by the 15th of the following month.

Provincial Taxes

Some provinces, like Quebec, have additional tax filing requirements for businesses. Be sure to check with your provincial tax authority.

8. Personal Tax Deadlines for Sole Proprietors

Personal Tax Filing

Sole proprietors and unincorporated business owners must file their personal income tax return by June 15. However, any taxes owing are due by April 30.

Tips to Stay on Top of Deadlines

Use a Calendar or Software

Set reminders for all key dates to ensure you never miss a deadline.

Consult a Professional

Work with a CPA or tax consultant to keep your business compliant.

Leverage Technology

Use accounting software to automate reminders and streamline reporting processes.

Conclusion

Understanding and meeting financial deadlines is essential for the smooth operation of your business in Canada. Keeping track of these dates ensures compliance, avoids penalties, and helps maintain your business’s financial health. If you’re unsure about any deadlines, consult a professional to guide you through the process.