21 What are the filing and payment deadlines for an individual, a trust and a corporation?

Shubhneet Kaur Grewal

 

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According to ITA 248(1) the “Balance-due day” is a deadline for payment of tax which varies for individuals, trusts and a corporations.

Under ITA 249(1) “Taxation Year” is defined as the calendar year for an individual, and the fiscal year for a trust and corporation.

Tax Filing and Payment Deadlines – per ITA 248(1) “Balance-Due day”

Taxpayer

Filing deadlines

Balance-due Day

Individual

April 30th

April 30th

Individual (Self-Employed)

June 15th

April 30th

Trust

Within 90 days of their fiscal year-end (for most trusts the calendar year will be the fiscal year)

90 days after the end of their fiscal year (again, this will usually be the calendar year)

Corporation

Within 6 months of the year-end

2 months after the corporation’s fiscal year end

Corporation (Private)

Within 6 months of the year-end

3 months after the corporation’s fiscal year end*

*Note: Refer to section 125 deductions and business limits for further details on corporate tax payment deadlines.

Interactive content (Author: Shubhneet Kaur Grewal, January 2019)

Interactive content (Author: Oscar Chan, January 2019)

References and Resources:

  • ITA – 156.1(4), 248(1) “Balance-due day”, 249(1) “Taxation Year”
  • Competency map: 6.4.1

January 2019

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Introductory Canadian Tax by Shubhneet Kaur Grewal is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

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