With a new year on us, we figured it’d be a good idea to list out the most common tax deadlines that Canadian tax payers need to remember this year.
In this post we will look at every 2020 tax due date Canadians need to know, including:
- 2020 Personal Tax Deadlines
- 2020 Corporate Tax Deadlines
- 2020 GST/HST Tax Deadlines
2020 Personal Tax Deadlines
NOT SELF-EMPLOYED
If you don’t earn self-employment income and if your spouse doesn’t either, then you must file your tax returns as well as the taxes owing are both due onApril 30, 2020. This date is the most common for most people. Try not to walk into your accountant’s office the day of and expect miracles.
SELF-EMPLOYED
By earning self-employed income, your tax return is not due until June 15, 2020. However, you would still owe taxes on April 30, 2020 even though the actual tax filing is not due until June. (Make sure you know when you need to file)
RRSP CONTRIBUTION DEADLINE
You have up until March 2, 2020 to contribute to your RRSP to help reduce your 2019 taxes owed. It helps to get your tax return done first, this way you can assess your tax situation and how much you need to contribute or can contribute.
2020 Corporate Tax Deadlines
Owning a business and having a corporate tax deadline is different than personal tax deadlines. Your corporate tax deadline can vary from other businesses. It all depends on when your year-end is. We can still figure out when your business should file their corporate returns and amounts owed.
CORPORATE TAX RETURNS
Your corporate tax return filing is due 6 months after it’s year-end. However, some things need clarification:
- No matter when your year-end is, the tax return is still due 6 months after that same date. So if year-end is on September 31, 2020, your tax return is due March 31, 2021. Even if your year end is September 10, the tax return is March 10 (6 months after year-end).
CORPORATE TAXES OWING
Your tax return balance that you owe are due earlier than the actual return. The simple version is that the taxes are due 2 months after the year-end.
But, a common exception that make the taxes due 3 months after the year-end is:
- If the corporation is a Canadian Controlled Private Corporation.
- The small business deduction was claimed in the current or previous year.
- The corporation and all corporations associated have taxable income of less than $500,000 in the prior year.
These exceptions are extremely common so there is a good chance that your corporate taxes owed to the government are due 3 months after the year-end. We understand some of this might be a little tricky so make sure you ask your accountant or send us a message(link to contact page) and we’d be happy to show you the right date.
2020 GST/HST Deadlines
Depending on how often you file for HST, there are a few scenarios when they are due.
MONTHLY
If you opt to file your HST returns monthly, you must prepare the return and pay the amount owing 1 month after the end of the reporting period. So a July1- 31 reporting period means that you must file and pay by August 31.
QUARTERLY
When you are filing your HST returns quarterly, you must prepare the return and pay the amounts owing 1 month after the end of the reporting period. So a July 1 – September 31 filing period will mean the return and amount owed is due October 31.
ANNUAL FILERS – BUSINESSES
When your business files annually for HST, the return and amounts owing are due 3 months after the reporting period. If we were using a July 1, 2019 – June 30, 2020 filing period as an example, this means the return is due September 30, 2020.
ANNUAL FILERS – INDIVIDUALS
IF you are an individual who files HST annually using December 31 as your fiscal and tax year-end, you will have different due dates. Your due dates will match the tax dates for self-employed individuals.
- HST owing will be April 30, 2020
- The actual filing of the HST return is due June 30, 2020
If you have any questions regarding when you need to file and pay your taxes, just reach out to us. We enjoy helping and take pride in not missing deadlines!
