Corporate Tax Filing and Balance due Deadlines:

If you have a September 30 corporate year end your return is due by Midnight March 31 (This Tuesday). Don’t panic as we can help file on time. This strategy will allow you to participate in the August 31 deadline to pay balances without penalty.

The CRA has not extended deadline for filing corporate tax returns as far as we can see. If you do not file corporate taxes on time you are subject to a 5% late filing penalty. If you have a December 31 year end you only have till June 30 midnight to file. We have a solution. Don’t panic…

Corporate returns are due six months after year end on corporate filing deadlines.  Balances for Part 2 and Part 1 corporate taxes are due between 2 and 3 months after year end normally. CRA has relaxed these due dates to September 30 for any balances due after March 18, 2020 but be careful. The filing deadline is still six months after year end.

Watch our Webinar for more info Sat March 28 10am:

https://event.webinarjam.com/channel/MrTaxes-2020-Webinar

Call 604-MrTaxes (678-2937) to file now.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/when-file-your-corporation-income-tax-return.html

As of today we have not seen or heard anywhere that GST Deadlines have been extended. We assume CRA will implement measures but be safe and file on time. Corporate annual GST is due one month after filing period if monthly or quarterly and three months if annual. Personal GST returns are normally June 15th for annual but not to be confused with annual Corporate GST returns.

The CRA has not extended deadline for filing corporate tax returns as far as we can see. If you do not file corporate taxes on time you are subject to a 5% late filing penalty. If you have a December 31 year end you only have till June 30 midnight to file. We have a solution. Don’t panic…

Call 604-MrTaxes (678-2937) to file now.

Watch our Webinar:

Watch our Webinar for more info Sat March 28 10am:

https://event.webinarjam.com/channel/MrTaxes-2020-Webinar

The CRA has added extensions for balances owing only:

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html

“The deadline for businesses to pay any income tax amounts that become owing or due after March 18, 2020 and before September 1, 2020 has been extended to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020. “

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

“The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the 

Income Tax Act. No interest or penalties will accumulate on these amounts during this period.”

So in fact what they announced is that “If you file late you won’t owe the extra 5% penalty until end of August.”

Watch our Webinars for more info Sat March 28 10am:

https://event.webinarjam.com/channel/MrTaxes-2020-Webinar

Call 604-MrTaxes (678-2937) to file now.

We can assist in filing your corporate returns prior to the deadline and then adjust the returns after the deadline prior to August 31 payment deadline to determine the actual amounts owing. We will not charge additional to file the second or revised return. You will still have until August 31 to pay balances owing on or after March 18 but the return must be filed on time.

Corporate Tax Forms Required to File:

Send to:

 Help@MrTaxes.ca or fax to 604-514-7542

Watch our Webinars for more info Sat March 28 10am:

https://event.webinarjam.com/channel/MrTaxes-2020-Webinar

–     Call us direct to set up a time at 604-MrTaxes (678-2937)

–     Email to Help@MrTaxes.ca

–     Set up a time online at www.MrTaxes.ca/meeting

Sincerely,

MrTaxes.ca Inc

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