Running a small business in Canada comes with many responsibilities and one of the most critical is knowing your tax deadlines. Missing a filing or payment date can result in interest charges and penalties, even if you plan to pay later. In this guide, we break down exact deadlines for self-employed individuals, corporations, and GST/HST registrants, with a special focus on Ontario small businesses.
Self-Employed Business Tax Deadlines in Canada (Sole Proprietors)
If you operate your business as a sole proprietor in Ontario or anywhere in Canada:
- Payment Deadline: April 30
- Filing Deadline: June 15
Important: Filing by June 15 does not delay your tax payment. If you owe taxes after April 30, interest begins accruing daily.
Example:
You owe $3,000 in taxes. If you file on June 10 but haven’t paid by April 30, interest will accrue on the $3,000 starting April 30, even if your filing is on time.
Source: CRA Self-Employed Deadlines
Tip: Track deadlines early and consider quarterly instalments if you owe more than $3,000 per year.
Corporate Tax Deadlines in Canada
For corporations filing T2 returns:
- Filing Deadline: 6 months after fiscal year-end
- Payment Deadline: 2 months after fiscal year-end (3 months for certain Canadian-controlled private corporations CCPCs)
Example:
A corporation with a Dec 31 year-end must:
- File by June 30
- Pay by Feb 28 (or Mar 31 if eligible CCPC)
Instalments:
Corporations with taxes over $3,000/year must generally make quarterly instalments to avoid large year-end payments.
Source:CRA Corporate T2 Deadlines
GST/HST Filing Deadlines for Small Businesses in Canada
If your business collects GST/HST, your reporting schedule depends on annual revenue:
Note for Ontario businesses:
- Ontario uses the federal GST/HST schedule.
- Filing and remittance deadlines must be adhered to avoid CRA interest.
Source:CRA GST/HST Filing Deadlines
Penalties and Interest
Late payments or filings trigger:
- Interest: Daily accrual on unpaid amounts starting after the payment deadline.
- Late-Filing Penalty: Typically 5% of the tax owing, plus 1% per month for up to 12 months.
Example: A self-employed business filing late after June 15 may owe both interest and penalty on any unpaid taxes.
Ontario Small Business Tax Considerations
- Federal deadlines apply across Canada, including Ontario.
- Ontario-specific filings: Annual corporate returns or payroll remittances if you have employees.
- Provincial credits and incentives may have separate deadlines; check the Ontario government portal.
When Do Businesses Need to Make Instalment Payments?
- Self-employed / sole proprietors: Quarterly if total taxes exceed $3,000/year.
- Corporations: Quarterly if owing > $3,000.
What Understanding Business Tax Deadlines Is NOT
- It’s not about buying software or following quick-fix templates.
- Deadlines are knowledge + compliance skills, supported by tools but not replaced by them.
- Core understanding includes:
- Correct filing date
- Payment obligations
- GST/HST reporting
- Penalties and instalments
Software and accountants can assist, but you remain responsible for compliance.
FAQ: People Also Ask
Q1: What is the deadline for business taxes in Ontario?
A: Self-employed: pay by April 30, file by June 15. Corporations: file 6 months after fiscal year-end, pay 2 months after. GST/HST depends on reporting frequency.
Q2: Do self-employed and corporations have the same filing dates?
A: No. Self-employed individuals follow June 15 / April 30 deadlines, while corporations follow fiscal year-end-based deadlines.
Q3: When are GST/HST payments due?
A: Depends on whether your business files monthly, quarterly, or annually. Check your CRA filing schedule.
Q4: What happens if I miss a payment deadline?
A: CRA charges daily interest on the unpaid amount and may apply a late-filing penalty.
Q5: Does Ontario have different deadlines from CRA?
A: Most federal deadlines apply in Ontario. Provincial filings (e.g., Annual Return, payroll) may have additional dates.
