2022 When Will Canada’s Corporate Tax And Personal Tax Expire?
2021 Canadian Tax Due Date
The New Year is here. As a diligent accountant, he is preparing the plan for 2021. In order to get started, Canadian taxpayers will go through the most important tax period facing this year. We will study as follows.
2021 Personal income tax deadline
2021 Corporate Tax Deadline and
2021 GST/HST deadline
2021 Personal income tax deadline
Individual Professionals
The tax return should be due on June 15, 2021, regardless of whether you or your spouse receives business income from 2021.
The overdue tax will expire on April 30, 2021, even if the actual declaration is due in June.
Non private professionals
If you and your spouse do not receive individual business income, the tax return and overdue tax will expire on April 30, 2021. This is the most common case for taxpayers.
Tax payment by installment
If a 2021 instalment is required, the due date is:
March 15th
June 15th
September 15th
December 15th
RRSP delivery deadline
Before Monday, March 1, 2021, the RRSP should be funded and the overdue tax in 2020 should be reduced.
Corporate tax deadline
The tax collection date of a company is different from that of an individual in several ways. For tax purposes, the Company may have year-end beyond December 31. But we can easily determine the maturity of your company’s tax returns and liabilities.
Company Tax Return
The Company’s tax return shall be due 6 months after the end of the fiscal year. Let’s look at some examples.
When the Company’s tax year ends on the last day of a month, the tax return shall be due on the first day of six months after the end of the year. For example, December 31, 2020 will end on June 30, 2021.
The last day of the tax year is either the last day of a month or the same day of six months after the end of the year. For example, the end of September 15, 2020 will be March 15, 2021.
Corporate tax arrears
The deadline for payment of outstanding balance is earlier than the deadline for submission of tax returns. In short, the tax arrears should be due two months after the end of the year.
But there is one very common exception. If the following standards apply, corporate tax shall be paid 3 months after the end of the year.
This company is a private company controlled by Canada.
The company applied for small business deductions for the current year or the previous year.
The taxable income of the Company and all related companies(if applicable) for the previous year was less than $500000.
As the above exemption is very common, your company tax is likely to expire three months after the end of the year. Since this is a bit tricky, we suggest you consult your accountant or send information to determine whether your date is correct.
GST/HST expiry date
There are several common situations with respect to the expiry date of GST/HST refunds.
Monthly declarer
When GST returns are submitted on a monthly basis, the returns and unpaid amounts should be submitted within one month after the end of the reporting period. For example, the filing time from June 1 to 30 means that the declaration will expire on July 31.
Quarterly declarer
When quarterly GST returns are submitted, the returns and unpaid amounts are due within one month of the end of the reporting period. For example, the reporting period from July 1 to September 30 means that the declaration will expire on October 31.
Annual declarer(except individual due on December 31)
When a non individual enterprise submits an annual GST return, the return and any late fees shall expire 3 months after the end of the reporting period. For example, if the application time is from July 1, 2020 to June 30, 2021, the filing deadline is September 30, 2021.
Annual filer(due on December 31)
The deadline for individuals who submit GST each year and use December 31, 2020 as the fiscal year end is slightly different. They meet the tax period of the self-employed. Next is 2021 Dedrine.
The expiry date of GST is April 30, 2021.
The GST return shall be submitted on June 15, 2021
If you have any questions or need to confirm the due date, please contact or send information to the accounting entity in Toronto.
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