Make sure you are well-prepared for upcoming tax deadlines by having your accounting and financial statements prepared ahead of time.
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, 2023.
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, 2022, you should remit your income tax balance payment by March 31, 2023.
The individual personal tax return T1 and payment is due on May 1, 2023. If you have self-employment income, it is due on June 15, 2023, and payment is due May 1, 2023.
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, 2023.
T4 - Employee T4 slips must be filed and distributed by February 28, 2023.
Employer Health Tax ("EHT") - For companies in British Columbia with over $500,000 payroll in 2022, you may be required to register and remit EHT by March 31, 2023 (and remit instalments).
GST/HST - deadline for annual filers is three months after reporting end date. If your reporting end date is December 31, 2022, the GST/HST must be filed by March 31, 2023. 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 if you are seeking assistance in preparing your corporate tax returns or your financial records for the upcoming tax season, or call us at (604) 398-4955 ext 1.