Corporate Income Tax

A Canadian-controlled private company with taxable income under $500,000 that qualifies for the small business deduction must do so within three months after the end of its fiscal year.

For instance, suppose you possess a

• ◙ December 31st year-end; the balance is payable by March 31st.
• ◙ June 30th year-end; the balance is payable September 30th.

The deadline is two months after the end of the year for all other corporations.

Six (6) months after your company's year-end, you have to file your business income tax return.

For instance, suppose you possess a

• ◙ December 31st year-end; your income tax return is due June 30th.
• ◙ March 31st year-end; your income tax return is due September 30th.

The deadline is two months after the end of the year for all other corporations.

If a business owes more than $3,000 in income taxes, they must pay the taxes in installments throughout the year. During their first year, new businesses are exempt from the installment commitments.

The final day of each full month of your tax year, or each full quarter if you qualify as a small CCPC, is when installment payments are due.

One month or one quarter less a day from the beginning of your tax year is when the first payment is due. On the same day of each subsequent month or quarter, the remaining installments are due.

For instance, if December 31 is the conclusion of your company's tax year:

Throughout the tax year, the final day of each month is when all monthly installment payments are due. January 31st is the deadline for the first payment. The deadline for the final payment is December 31st.

The due dates for quarterly installment payments, if permitted by the corporation, are March 31st, June 30th, September 30th, and December 31st.