Deadlines. They have a way of sneaking up on us, don’t they? While it’s natural to feel a little anxious as they approach, the more you know about key deadlines, the better prepared you’ll be. With a clear understanding of what’s due and when, you can avoid unnecessary stress — and costly penalties. Here’s your ultimate checklist of CRA deadlines to help you stay on track.
For most individuals, these are the key dates to remember. Make sure your payments are submitted and your return is filed by April 30 to avoid interest or penalties.
If you’re self-employed or earn income from a farm, you have until June 15 to file your return. However, any balance owed must still be paid by April 30.
Plan ahead to meet these deadlines and avoid any penalties or interest charges.
Maximizing your RRSP contributions can lower your taxable income and help you save for retirement. Mark this date in your calendar!
Corporations should pay attention to these timelines to avoid penalties on unpaid taxes.
Timely GST submissions are critical to maintaining your business’s compliance.
If you pay yourself or employees, ensure your payroll remittances are submitted promptly. For year-end bonuses, the remittance for at least the CPP portion is due 15 days after your corporation’s year-end.
These slips must be filed on time to avoid costly penalties and ensure your employees, contractors or shareholders receive accurate records.
If the deceased owned a business, the filing deadline is June 15.
This applies to Estate (Testamentary) and Family (Inter Vivos) Trusts. If it’s the final trust return, ensure everything is submitted within 90 days of the trust’s wind-up.
Check your instalment schedule on your tax return or CRA correspondence. Instalments are typically quarterly but can be monthly for corporations. Missing these payments can lead to penalties and interest charges.
Employers must report worker earnings annually to calculate WCB premiums. Late filings can result in coverage issues.
Every year, on the anniversary of your incorporation, you must file your Corporate Annual Return through Alberta Registries. Failing to file for 30 months may result in your corporation being dissolved.
If a deadline falls on a weekend or public holiday, the CRA considers it on time if received on the next open business day. If you’re mailing a payment, ensure it arrives by the deadline to avoid penalties.
Deadlines can feel overwhelming, especially for small business owners juggling multiple responsibilities. That’s where we come in. Our team of CPAs can help you stay organized, proactive and penalty-free. We leverage the latest technology to ensure you’re always on schedule, whether it’s payroll, bookkeeping or tax services.
Let’s make deadlines stress-free! From deductions and GST to year-end filing, we’re here to keep you accountable and compliant. Contact us today to learn how we can help your small business succeed.
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