When Are Corporate and Personal Taxes Due in Canada in 2021?

2021 Tax Due Dates for Canadians

The brand new 12 months has arrived, and as diligent accountants, we’re already planning for 2021. To get issues began, we’ll undergo crucial tax deadlines that Canadian taxpayers will face this 12 months. We’ll take a look at:

Private Tax Deadlines in 2021

Company Tax Deadlines in 2021, and

GST / HST Deadlines in 2021

Private Tax Deadlines 2021

SELF-EMPLOYED

Your tax return is due on June 15, 2021, whether or not you or your partner obtained enterprise earnings in 2021.

Taxes owing are nonetheless due on April 30, 2021, even when the precise submitting of the return is not due till June.

NOT SELF-EMPLOYED

If neither you nor your partner earns self-employment earnings, your tax return and any owing taxes are due on April 30, 2021. For taxpayers, that is the most typical state of affairs.

TAX INSTALLMENTS

If you’re required to pay tax installments in 2021, they’re due:

March fifteenth

June fifteenth

September fifteenth

December fifteenth

RRSP CONTRIBUTION DEADLINE

You have got till Monday, March 1, 2021 to contribute to your RRSP and have it cut back your 2020 tax owing.

Company Tax Deadlines

Company tax deadlines range from private tax deadlines in a number of methods. Firms might have year-ends apart from December thirty first for tax functions. We are able to, nevertheless, simply decide when your company tax returns and owed quantities are due.

CORPORATE TAX RETURNS

Company tax returns are due six months after the top of the fiscal 12 months. Let’s take a look at a few examples:

When the company’s tax 12 months finish is on the final day of a month, the return is due by the final day of the sixth month after the year-end. For instance, a December 31, 2020 12 months finish would have a June 30, 2021 due date.

When the final day of the tax 12 months isn’t the final day of a month, the return is due the identical day of the sixth month after the year-end. For instance, a September 15, 2020 12 months finish would have a March 15, 2021 12 months finish.

CORPORATE TAXES OWING

The deadlines for paying excellent balances are set sooner than the deadlines for submitting tax returns. The brief model is that taxes owing are due 2 months after the year-end.

Nonetheless, there’s an exception that is quite common. Company taxes are due 3 months after the year-end if the next standards apply:

The company is a Canadian Managed Personal Company.

The company claimed the small enterprise deduction for the present or earlier 12 months.

The company and all related firms (if relevant) had taxable earnings lower than $500,000 within the earlier 12 months.

Because the above exemption is so frequent, there is a honest likelihood your company taxes can be due three months after the top of the 12 months. As a result of it’s a bit trickier, we advocate asking your accountant or sending us a message to be sure you’ve bought the best date.

GST / HST Deadlines

There are a number of frequent situations for GST/HST return due dates.

MONTHLY FILERS

When GST returns are filed on a month-to-month foundation, the return and any excellent quantities are due one month after the reporting interval ends. A submitting interval of June 1-30, for instance, means the return is due on July thirty first.

QUARTERLY FILERS

When submitting quarterly GST returns, the return and any excellent quantities are due one month after the reporting interval ends. For instance, a submitting interval of July 1 to September 30 means the return is due on October thirty first.

ANNUAL FILERS (EXCEPT INDIVIDUALS WITH DECEMBER 31 YEAR-ENDS)

When a enterprise that’s not a person information an annual GST return, the return and any owed sums are due three months after the reporting interval ends. For instance, if the submitting interval is July 1, 2020 to June 30, 2021, the return is due September 30, 2021.

ANNUAL FILERS (INDIVIDUALS WITH DECEMBER 31 YEAR-ENDS)

People who file GST on a yearly foundation and have December 31, 2020 as their fiscal and tax year-end have barely totally different deadlines. They correspond to the tax deadlines for self-employed folks. The next are the deadlines for 2021:

GST owing is due April 30, 2021

Submitting of the GST returns is due June 15, 2021

When you have any questions or want clarification about when one thing is due, attain out to your accounting agency in Toronto or message us.

We actually take pleasure in serving to and we take pleasure in being organized and ensuring that we don’t miss deadlines!