As a Business Executive, one can become overwhelmed with the requirements, productions and specific dates required from both levels of Government. To this effect, we offer a reminder of all key dates for small businesses. A memory-aid, to be kept close at hand.
– T4 production – February 28
– Production of Payroll Summaries – February 28
– T5 production (dividends) – February 28
– Payment of a bonus – 180 days after the end of the fiscal year
– Annual report – 3 months after the end of the period
– Obligation to pay installments starting in year two (2) if the net amount of GST and / or
QST you expect to pay for the current year is $ 3,000 or more and the net amount of the
GST and / or QST you paid for the previous year is $ 3,000 or more.
– Quarterly and monthly report – 1 month after the end of the period
– Installment payments required – during the fiscal year
(Note: A corporation will have to pay installments if the total of the taxes it is required to pay for the
current taxation year and the total of the taxes it is required to pay for the previous taxation year
each exceed $ 3,000.)
– Payment of the tax provision – 2 months after the end of the financial year
– Filing returns – 6 months after year-end
Penalty for delay in production
** Please note that you must file your tax returns, wages or taxes, even if the amount declared is nil.
Taxes: This penalty is 5% of the unpaid balance on the due date of filing the return. Plus, an additional
penalty of 1% per month of delay is added to the first penalty. It is calculated for a maximum period of
* At the Federal level, if there is a repeat offense: 10% of the balance + 2% additional
GST / QST & Withholding Tax:
– 7% of the amount to be paid or remitted, if the delay does not exceed 7 days;
– 11% of the amount to be paid or remitted, if the delay exceeds 7 days, but does not exceed 14 days;
– 15% of the amount to be paid or remitted, if the delay exceeds 14 days.
Interest on balances owing
In Quebec: interest of 7% (as of October 1, 2018 – previously 6%) + 10% in the case of installments paid past due date
Federal: interest of 6%
Limitation period/period when the filing of an amended return is permitted
The government can re-determine the tax that was previously assessed. This contribution capacity must generally be exercised within a three-year limitation period following the day of sending a notice of first assessment to the taxpayer.
Conserve your documents
Generally, records and vouchers must be kept for six years after the last taxation year to which they relate. Unless you file certain late documents, you must keep the records and supporting documents for that year, for six years after the date you submitted those documents.