Stay compliant with all your corporate tax and filing deadlines in Ontario
⭐ Bader A. Chowdry, CPA, CA, LPA | $6.7M+ resolved | 5-star Google Reviews
Frequently Asked Questions
What happens if I miss a corporate tax filing deadline?
▼
Missing a corporate tax filing deadline can result in penalties and interest charges from the CRA. For T2 returns, you may face penalties of 5% of unpaid tax plus 1% per month (up to 12 months). Repeated late filings can incur even higher penalties of 10% plus 2% per month. Additionally, you may lose access to certain tax credits and deductions. It's critical to file on time or request an extension if needed.
What is the difference between the T2 filing deadline and the balance due date?
▼
The T2 corporate tax return must be filed within 6 months after your fiscal year-end for all corporations. However, the balance owing deadline varies: CCPCs have 3 months to pay any taxes owing if they claim the small business deduction, while other corporations have only 2 months. Filing late and paying late are separate offenses with different penalties, so it's important to meet both deadlines.
Do non-profit corporations and charities have different filing requirements?
▼
Yes. Registered charities must file a T3010 Registered Charity Information Return within 6 months of their fiscal year-end. Non-profit corporations may need to file a T2 return if they have taxable income or meet certain thresholds. Both types of organizations also have provincial filing requirements, such as annual returns with the Ontario Business Registry. Charities face strict compliance rules and risk losing their charitable status for non-compliance.
How often do I need to remit HST/GST for my Ontario corporation?
▼
Your HST/GST filing frequency depends on your annual taxable supplies. If your revenue is $1.5 million or less, you typically file annually. Between $1.5 million and $6 million, you file quarterly. Over $6 million requires monthly filing. New businesses are usually assigned annual filing initially. You can also choose to file more frequently voluntarily if it helps with cash flow management.
What are the key Ontario-specific filing requirements for corporations?
▼
Ontario corporations must file an annual return with the Ontario Business Registry, typically due on the anniversary of incorporation. If you have employees, you must file an Employer Health Tax (EHT) annual return by March 15 (or within 6 months of year-end for non-calendar year-end). WSIB premiums and reporting are also required if you have employees. These are in addition to federal filing requirements like T2, T4, and payroll remittances.