Key dates for your corporation – December 31, 2020 year-end

Two out of five Canadian business corporations have a fiscal year ending on December 31, 2020.

To facilitate the year-end preparation for your business, we provide following key dates which you may find it helpful to mark down on your calendar.

• • January 31, 2021 – Due date for your HST filing for the period from October 1, 2020 to December 31, 2020 if your business files its HST return on a quarterly basis.
  • February 28, 2021 –
    1. 1. Filing for your 2020 T4/T5 information return and tax slips.
       2. Payment due date for your 2020 corporation tax if your business is not a small business corporation.

• March 31, 2021 –
  1. Payment due date for your 2020 corporation tax if your business is a small business corporation.
  2. Due date for your HST filing for the 2020 fiscal year if your business files HST return on annually.
• April 30, 2021 – Filing deadline for your tax election form if you and your corporation jointly made any election during the 2020 tax year.
• June 28, 2021 – The last day that your December 31, 2020 year-end bonus shall be paid to you and be cleared through your corporate bank account.
• June 30, 2021 – Filing deadline for your 2020 corporate income tax return.
• July 15, 2021 – The last day that payroll remittance for the December 31, 2020 year-end bonus shall be remitted to CRA if the bonus will be paid in June 2021.

Struggling with business cash flow for the tax payment? There might be a tax deferral opportunity for your business. Speak to a partner of our firm to find out.