As we gear up for another fiscal year, businesses in Canada, are preparing to tackle their tax obligations. Staying on top of tax deadlines is crucial to maintaining financial health and compliance. In this blog post, we'll guide you through the essential 2024 tax deadlines for companies in Canada.
Corporations
The corporate tax return T2 is due six months after year end. If your year end is December 31, 2022, the T2 is due June 30, 2024.
Payments - Corporate tax balances are due three months after year end for CCPC's (Canadian-controlled private corporations). For non-CCPC's, they are due two months after year end. If your year end is December 31, 2023, you should remit your income tax balance payment by March 31, 2024.
SR&ED program - for companies involved in research and development activities, the Scientific Research and Experimental Development (SR&ED) program offers tax incentives. While the deadline for filing SR&ED claims is typically 18 months after the fiscal year-end, early preparation is key in maximizing benefits.
Individuals
The individual personal tax return T1 and payment is due on April 30, 2024. If you have self-employment income, it is due on June 17, 2024, and payment is due April 30, 2024.
Other Filing Requirements
T5 - If your company has made certain payments such as interest or dividends, you must file and distribute T5 slips by February 28, 2024.
T4 - Employee T4 slips must be filed and distributed by February 28, 2024.
Employer Health Tax ("EHT") - For companies in British Columbia with over $500,000 payroll in 2023, you may be required to register and remit EHT by March 31, 2024 (and remit instalments).
GST/HST - deadline for annual filers is three months after reporting end date. If your reporting end date is December 31, 2023, the Goods and Services Tax (GST/HST) must be filed by March 31, 2024. If you are an annual filer and your net tax for your previous fiscal year is $3,000 or more, you may have to make quarterly instalment payments in the current fiscal year. For quarterly GST/HST filers, filing and payment due date is one month after period-end.
Contact us through our website if you are seeking assistance in preparing your personal or corporate tax returns or your financial records for the upcoming tax season, or call us at (604) 398-4955 extension 1.