Residency, filing deadlines, interest and penalties
21 What are the filing and payment deadlines for an individual, a trust and a corporation?
Shubhneet Kaur Grewal
According to ITA 248(1) the “Balance-due day” is a deadline for payment of tax which varies for individuals, trusts and a corporation.
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.
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Author: Shubhneet Kaur Grewal, January 2019
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References and Resources
ITA – 156.1(4), 248(1) “Balance-due day”, 249(1) “Taxation Year”
January 2019
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