Tax deadline calendar

Why a tax calendar is essential for entrepreneurs

A tax calendar brings all your deadlines together in one place to help you avoid costly oversights. In Canada, business owners have to juggle multiple deadlines that depend on their business structure, fiscal year, and whether or not they have employees. Missing a deadline results in interest charges and penalties. Planning ahead protects your cash flow.

The challenge lies in the fact that these deadlines aren’t aligned. Your tax return, tax refunds, estimated tax payments, and source deductions each follow their own schedule. For each obligation, there are always two key elements to consider:

• The filing date (when you must submit the return or form).
• The payment due date (when the amount due must be paid, often earlier than the filing deadline).

Confusing these two dates is the most common, and most costly, mistake, because interest accrues from the payment date, even if the return isn’t yet due.

Tax deadlines for individuals and the Self-Employed

In Canada, individual tax returns (T1 for the federal government, TP1 for Quebec) are generally due by April 30. The self-employed worker Tax returns are due by June 15, but the balance of tax owed is due by April 30. After that date, interest accrues on the unpaid amount.

• Filing Form T1 and Form TP1 (Employees): April 30.
• Filing Form T1 and Form TP1 (self-employed): June 15.
• Payment of the remaining tax balance (all): April 30.
• RRSP Contributions for the Previous Year: First days of March (60 days after the start of the year).

Since no tax is withheld at source from business income, self-employed individuals must calculate the amount due on their own. Setting aside a percentage of each income stream helps avoid unpleasant surprises in the spring.

Corporate tax deadlines (T2 and CO-17)

An incorporated company files its tax return (T2 for the federal government, CO-17 for Quebec) within six months after the end of its fiscal year. The balance of tax due, however, is generally payable sooner: two or three months after the end of the fiscal year. A corporation’s deadlines therefore depend entirely on its fiscal year-end date.

• Payment of the remaining tax balance: generally 2 months after the end of the fiscal year (3 months for certain small businesses eligible for the small business deduction).
• Filing of Form T2 (federal) and Form CO-17 (Quebec): 6 months after the end of the fiscal year.
• Corporate tax instalments: generally monthly or quarterly, depending on the tax due.

A company operating in Quebec files both the T2 and the CO-17 forms: it’s essential not to forget the provincial threshold.

GST and QST due dates

Once you’re registered for the GST/QST, you collect these taxes and remit them at a frequency that depends on your sales volume: annually, quarterly, or monthly. The deadline for filing and remitting generally falls one month after the end of each reporting period, except for annual filers.

• Annual: Small amounts. Refund issued 1 to 3 months after the end of the year, as applicable.
• Quarterly: Average volume. Due one month after the end of the quarter.
• Monthly: High volume. Due one month after the end of the month.

The GST and QST aren’t a cost to you: you collect them on behalf of the governments and remit only the difference between those taxes and the taxes you paid on your purchases. Setting aside the tax you collect helps ensure you don’t run out of cash when the payment is due.

Due dates for tax instalments

The tax instalments These are advance payments of your taxes. For individuals or self-employed individuals, they are generally due on March 15, June 15, September 15, and December 15. For corporations, they are usually due monthly or quarterly, depending on the amount of tax owed.

• Mark the four payment dates for individuals (March 15, June 15, September 15, December 15) on your calendar.
• For a company, note your filing frequency (monthly or quarterly) at the start of the fiscal year.
• Set aside the funds in advance: a missed payment will incur interest.
• If your income decreases, you can file an estimated return for the current year, but filing an estimate that is too low may result in interest charges.

An accountant can calculate the right amount so you don’t tie up too much cash or incur interest charges.

Payroll and source deductions (DAS) deadlines

If you have employees, you apply source deductions (DAS) to each paycheck (income tax, QPP, employment insurance, QPIP) and remit them to the governments at the required frequency. Most small employers make these payments monthly, no later than the 15th of the following month. At the end of the year, tax forms and summaries (T4, RL-1) are also required.

• Monthly submission of source deductions forms: no later than the 15th of the month following payroll (for most small employers).
• Issuance of T4 slips (federal) and RL-1 slips (Quebec): generally by the end of February.
• Annual summary of withholdings: sent with the tax forms.

Failing to file source deductions or submit the required forms results in some of the strictest penalties, as these funds are held in trust.

Annual accounting requirements for small and Medium-Sized enterprises

Beyond tax returns, an SME has annual accounting obligations that shape its year: bookkeeping that is up-to-date, performing regular bank reconciliations, preparing year-end financial statements, and retaining supporting documents. A company also has corporate obligations to fulfill.

• Keep your books up to date and reconcile your bank accounts (ideally every month).
• Keep invoices, receipts, and statements to document each source of income and each expense.
• Prepare year-end financial statements (income statement, balance sheet).
• For a corporation: maintain corporate records and file the required annual returns.
• Retain tax documents for the required retention period.

Bankeo is not an accounting firm: get matched with an accountant or bookkeeper who will set up an annual system tailored to your SME.

Late payment penalties and how to avoid them

Filing late or paying late results in two distinct consequences: interest on the unpaid amount, calculated from the payment date, and late-filing penalties when the return is submitted after the deadline. The best way to protect yourself is to plan ahead for each deadline.

• File on time even if you can’t pay the full amount: at least this will help you avoid the late-filing penalty.
• Make a provisional payment before the due date if you’re still waiting for your final figures.
• Set reminders several weeks before each due date, not the day before.
• Be especially thorough when it comes to source deductions and taxes collected: these are funds held on behalf of others.
• If you’re having trouble making a payment, contact the tax authorities to work out an arrangement.

An accountant helps you meet deadlines, set aside the right amounts, and avoid interest charges that eat into your profit margin.

Preparing for the end of the fiscal year

The End of the Fiscal Year This is when you close the books to prepare financial statements and tax returns. Proper preparation involves reconciling your accounts, gathering supporting documents, verifying accounts receivable and accounts payable, and reviewing tax decisions before the fiscal year-end.

• Synchronize all your bank and credit card accounts.
• Gather and organize invoices, receipts, and statements for the fiscal year.
• Check accounts receivable (to be collected) and accounts payable (to be paid).
• Take inventory if your business requires one.
• Review potential tax decisions with your accountant before the fiscal year-end.
• Gather the documents needed for upcoming tax filings.

It’s often at the end of the year that an accountant’s role proves most valuable: they turn a mountain of receipts into clear financial statements and identify opportunities to save money before the window of opportunity closes.

When to hire an accountant to help with your tax deadlines

It’s in your best interest to consult an accountant as soon as your deadlines start piling up: your business’s first year, GST/QST registration, incorporation, hiring your first employees, or simply the feeling that you’re constantly chasing deadlines. A good accountant doesn’t just file on time, they create your schedule, set aside the right amounts, and notify you before each deadline, not after.

Bankeo is not an accounting firm. We’ll match you for free with the right accountant based on your situation, industry, and needs, from a network of over 1,500 accountants. You fill out a request, and we’ll present you with the best match, as many vetted accountants as it takes to find the right one for you, usually within 48 hours. The service is free for business owners, with no obligation, and we’re here to support you: if the matching process no longer works out, even later on, we’ll find you another one at no cost.

Since 2023, Bankeo has received over 15,000 requests and has a 4.7/5 rating based on over 180 Google reviews. Whether you’re a self-employed individual keeping an eye on the June 15 deadline or a company calculating your monthly estimated tax payments, you can find an accountant who’ll keep track of your deadlines for you.

What is the deadline for filing taxes in Canada if you’re self-employed?

Self-employed individuals have until June 15 to file their tax returns (T1 for federal taxes, TP1 for Quebec taxes), but any tax owed is due on April 30. If you owe taxes and wait until June 15 to pay, interest will have already started to accrue. Estimate your tax liability before the end of April and make a partial payment.

When must a company file its T2 and CO-17 returns?

A company files its T2 (federal) and CO-17 (Quebec) returns within six months of the end of its fiscal year. However, the tax balance due is payable earlier, generally two or three months after the end of the fiscal year. Use your fiscal year-end date as the starting point to calculate your due dates.

When do I need to remit the GST and QST I collect?

The frequency (annual, quarterly, or monthly) depends on your sales volume and is determined by the CRA and Revenu Québec. The filing and payment deadline is generally one month after the end of each period, except for annual filers. Set aside the tax you’ve collected so you don’t run out of cash.

How can you avoid tax penalties for late payments?

File your tax return on time even if you can’t pay the full amount, as this will help you avoid late-filing penalties. Make a partial payment before the due date to minimize interest charges. Be especially diligent about filing your tax returns and paying the source deductions collected. If you’re having trouble, contact the authorities to work out an arrangement rather than ignoring the deadline.

What are the main tax deadlines for a business owner throughout the year?

Key dates include April 30 (individual income tax payment), June 15 (filing deadline for self-employed individuals), the four tax instalments (March 15, June 15, September 15, December 15), GST/QST remittances based on your filing frequency, monthly source deductions remittances on the 15th, and your company’s fiscal year-end based on its fiscal year. An accountant will create a personalized schedule for you.

Do I need an accountant just to keep track of my deadlines?

It’s not mandatory, but it’s invaluable when deadlines start piling up (GST/QST, estimated payments, payroll, and the corporate year-end). An accountant creates your calendar, sets aside the correct amounts, and notifies you before each due date. Bankeo connects you for free with an accountant suited to your situation, usually within 48 hours, at no cost and with no obligation.