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If you or your spouse earned any business income in 2020, then your tax return filing is due on June 15, 2021.
However, even though your tax return filing is due on June 15, 2021, you will have to pay taxes owed to the CRA before April 30, 2021.
Simply file the return on time to avoid late penalties.
If you and your spouse did not earn self-employment income in 2020, then your tax return filing and taxes owing are both due on April 30, 2021.
Tax installments for 2021 are as follows:
March 15th, June 15th, September 15th and December 15th.
The deadline for RRSP contributions for the calendar year of 2020 is March 2, 2021.
Contributing to an RRSP can reduce your taxable income for the 2020 tax year.
For corporations, tax deadlines are a little different than when filing and paying personal taxes. Corporations can choose their year-ends to be outside the typical January to December range (and they do this for various reasons). Corporate tax deadlines are based on a corporation’s financial year-end, and not on the calendar’s year end.
Corporate tax return filings are due 6 months after the corporation’s year-end.
This calculation is ‘to the day, or one day sooner.’ In other words, if a corporation’s tax year-end is on the last day of a particular month, the corporate tax return filing is due by the last day of the 6th month after the stated year-end.
For example if a corporation’s year end is December 31, 2020, then the tax filing deadline would be June 30, 2021. Or, if a corporation’s year-end is June 15, 2021, then the tax filing deadline would be Dec 15, 2021.
Most corporations choose the last day of a given month as their closing financial year-end date.
Similar to a self-employment situation, the payment date for any amount owed to the CRA is due before the actual filing date for a corporation. For some corporations, taxes owed to CRA are due 2 months after their year-end.
However, in most situations corporate taxes to the CRA are due 3 months after a year-end, as long as all the following conditions are met:
If you are not sure whether the above situations apply to you, you should consult with your accountant.
For Canadian corporations and self-employed individuals, GST tax returns are filed monthly, quarterly or annually.
If a corporation files GST tax returns monthly, then the filing and the payment are both due one month after the end of the monthly reporting period. For example, when reporting for January 30, 2021, then the filing date and amount to be remitted are on February 28, 2021.
If it is determined that your business has to report GST quarterly, the filing and the payment are due one month after the end of the quarterly reporting period. For example, if the reporting period is October 1, 2020 to December 31, 2020 then the filing and remittance payment are due on January 30, 2021.
If your GST returns are filed annually by a business that is not a sole proprietor (i.e. a self-employed business), the return and amounts owing are due 3 months after the reporting period end date. For example, if your reporting period is between September 1, 2019 to August, 31, 2020, then the return is due November 30, 2020.
The tax due dates are slightly different for corporations that file their GST annually and their fiscal year end is December 31. They are similar to the dates for filing and paying personal income tax as a self-employed individual (see above). The deadlines are as follows:
The GST payment amount is to be remitted by April 30, 2021.
The GST filing date is due on June 15, 2021.
For corporations with payrolls, the payment deadline is on the 15th of the month for the previous month’s wages.