By Bron Vasic
Entrepreneurial Coach

Timing is everything!

I know everyone knows this saying and is has become a part of our everyday language in business and personal matters. It really is a truism when it comes to compliance matters with Canada Revenue Agency or other regulated departments that rely on getting information from business owners.  

So if you are a business owner, that is a shareholder of a company, please etch these dates in your mind as they are really important to avoid late fees and penalties.

Timeline

Timeline for compliance filings for corporate clients and shareholders (in order of date) with a December year-end. (If you have a different year end than December 31, then points # 3 and 4 will be different dates. See the end of the blog to calculate for your own company.)

1. February 28th – T-4’s and T-5’s from company to be filed with CRA, so companies should have information for this no later than February 25th, ready to submit.     (Dollars may be required for this depending on balances in employer/employee deduction accounts.)

2. February 28th – Annual information return required – you can do it online ($20 if you pay online and $40 if you mail in the cheque).

3. March 31st – HST filings for the year (the annual return). If these have been paid during the year then this should not be a problem. (There may be the requirement for dollars to be sent.)

4. March 31st – Technically if money is owed to CRA for corporation tax then it is due at this point, even though the tax return is not due until June 30th. (There will be dollars required for this.)

5. April 30th – Personal income tax returns for the shareholder, so you will need all personal income tax information and all personal info to be available no later than April 15th. (There will be dollars required by April 30th to pay the balance of personal tax.)

Please note: Non-December 31st year-ends need to adjust their dates for points 3 and 4 above. Simply calculate 3 months from your corporate year end – i.e. for an August 31 year-end, the date would change the dates for 3 and 4 to be November 30.)

For any questions or further inquiries, contact Bron Vasic or Julie Jackson at More Than Enough Financial Fitness, at 613-520-4157, or send a message through the website.