What is your year end and when are corporate taxes due?

A year end is the date chosen by you that states the final day of your fiscal year. This can be any day month combination in the year, however for simplicity it is usually best to choose the last day of any given month. This does not have to align with a calendar year, so you could have a year end of June 30 which would cover the period July 1, 2023 – June 30, 2024.

Unlike personal taxes which are due for everyone on April 30, corporate taxes are due based off of your year end. Assuming you are an active business (not holding passive investments) generally your taxes are due 3 months after year end. So if you are a June 30 year end, taxes will be due September 30 every year. If you are an inactive business (passive income) your taxes are due 2 months after year end instead. Note that it does take time for us to complete your year end, so we recommend providing your information to us around 1 month after year end to ensure we can meet the deadline.

When do you need to register for GST?

There are two primary situations when you are required to be GST registered:

• If your revenue exceeds $30,000 in any single calendar quarter (Jan-Mar, Apr-Jun, etc)
• If your revenue exceeds $30,000 in the total of any four consecutive calendar quarters

If either of these conditions are met you are required to be GST registered and start remitting GST annually.

Click here for additional information on GST registration and remittance.

When are personal taxes due?

Personal taxes are due April 30 every year. If the deadline is missed, interest and penalties will be accrued based off the CRA rates.

When should you incorporate?

You should consider incorporating when you are generating more income in your company then you need personally. That is essentially, when you start seeing increases in your cash savings. This may be a sign that it will be a good time to incorporate to take advantage of possible tax savings.

If you are considering incorporating and need additional consultation, please reach out to us and we can discuss and guide you down the path best suited for your needs.

What information do I need for a corporate year end and tax return?

For your corporate year end and tax return you should be sure to include: (note if bookkeeping is done we will already have this information)

• Bank statements
• Credit card statements
• Accounts payable and receivables listings
• Property, plant and equipment invoices over $1,000
• Loan statements
• Copy of your accounting software or trial balance and general ledger

What information do I need for a personal tax return?

For your personal tax return you should be sure to include:

• Any tax slips.
• For business or rental schedules, a summary of any income and expenses for the year. Alternatively you can provide the invoices/receipts for all transactions.
• Any investment information. tslips, capital gains reports, management fees.
• Any RRSP contributions or withdrawals.
• Any professional organization or union fees paid in the year.

What information do I need to provide for bookkeeping?

For bookkeeping services you should be sure to include:

• Bank statements
• Loan statements
• All invoices and receipts
• Credit card statements
• Copy of your previous accounting software or trial balance and general ledger if we did not previously complete the bookkeeping

CRA Links

Below is a list of CRA links and contact information that can be a great tool:

• Corporation – 1-800-959-5525
• Personal – 1-800-959-8281
• CRA Home page
• GST
• Payroll
• Registering a business number