The Bookkeeping Calendar for Corporations and Individuals

Corporate Deadlines & Due Dates

• February 28: WCB Reporting and Balance of Annual Report
• Last day of February: T4 (Statement of Remuneration Paid Slip) and T5 (Statement of Investment Income) Filing
  • A T4 represents any Employment or Commission Income earned by an employer while the T5 is for any Investment Income. The T4 Summary is the total information for all T4s created for each employee for the calendar year.
• 15^th of following month after reporting period end: Payroll remittance (monthly/ quarterly/ annually)
  • This is the amount the corporation is required to send to the CRA after paying any form of remuneration or providing a recipient with a taxable benefit.
• 20^th of following month after reporting period end: WCB Reporting and Balance of Quarterly Report
  • This report is used by the corporations to report their payroll to all employees and the payment of any premiums owed. This must be filed even if there is zero payroll or zero premiums owed.
  • Companies generally pay premiums if the premiums are less than $2,000 per year and the due date for the Annual Payroll Report and Payment is February 28. If a company expects to pay more than $2,000 in premiums per year then it premium reporting and payments are made quarterly.
• 1 month after reporting period end: Filing and Balance of quarterly or monthly GST return
  • This is a summary of any GST received and paid by the corporation divided into the various tax codes which is used to calculate the amount of GST that is either owed as a payment to the CRA or a refund to the corporation.
• 2 months after reporting period end: T2 (Corporation Income Tax Return) Balance for Non-CCPC
• 60 days after Calendar Year- end: Deadline or any contributions towards a Registered Retirement Savings Plan (RRSP)
• 3 months after reporting period end: Filing and Balance of Annual and Partnership GST return
  • Partnerships are considered a separate legal person and so therefore must collect and pay any GST on specified goods and services.
• 3 months after reporting period end: T2 (Corporation Income Tax Return) Balance for CCPC
• 6 months after reporting period end: T2 Filing
• 6 months after reporting period end: T5018 (Statement of Contract Payments) Filing
  • This slip reports any information regarding contract payments made by the corporation to a contractor within the calendar year or fiscal period.
    
    

Trust Deadlines & Due Dates

• No Later than 90 days after trust’s tax year-end: T3 (Statement of Trust Income Allocations and Designations) Filing and Balance
  • This includes filing all beneficiary’s trust relate information slips. If this is not filed or distributed by the due date, the trust is liable to a penalty.        
• No Later than 90 days after trust’s wind up date: Filing and Balance of Final return
  • For graduated rate estates the deadline is 90 days after the wind up date, and the date of the final distribution of assets becomes the tax year end. If an inter vivos trust or testamentary trust is wound up then the deadline is 90 days after the trust’s year end for the final T3 return and payment of any balance owing.

Individual Deadlines & Due Dates

• April 30: T1 (Individual Income Tax Return) Filing and Balance
• April 30: GST Return – Annual Balance
• June 15: T1 Filing for self-employed individuals and spouses
• June 15: GST Return – Annual Filing