Important Filing Dates for Tax Year 2016 – Individuals and Businesses

Important Filing Dates for Tax Year 2016 – Individuals and Businesses

It won’t be long before taxes are due—again! Both Individuals and business owners should be aware of these filing deadlines:

May 1, 2017  — Most returns must be filed by this date. You must pay any balance due to the government by this date, or interest will accrue. Since April 30 falls on a weekend, the filing deadline is May 1, 2017 (for 2016 tax returns).

June 15, 2017 — This is the deadline for individual, self-employed taxpayers. You, your spouse, or common-law partner may have run a business in 2016. Unless the business has expenditures that are primarily in connection with a tax shelter, you must file your 2016 business tax return before this date. Remember that you must pay any balance due on or before May 1.

There are other tax deadlines for businesses—as given in the explanations below.

HST (sales tax deadline)

Look at the top of the personalized GST/HST return (Form GST34-2) to find your sales tax due date, which is determined by your reporting period. You may incur penalties and interest on any returns or amounts not paid by the due date.

Corporate Taxes

Any corporation must file a T2 income tax return if it has done business in Canada, resides in Canada, has any taxable capital gains, or made a sale of Canadian property—even if no tax is payable.

When filing a corporate income tax return, the due date is 6 months beyond the end of your corporate fiscal year-end. For a corporation with a December 31 year-end, then the return is due on June 30. If your fiscal year-end is March 31, then the return is due on September 30.

Trust Tax Returns

For a T3 return, the last date date for filing varies according to the fiscal year-end for the particular type of trust. We encourage you to learn more about the fiscal periods for various types of trusts.

If you are responsible for a trust, then you’ll need to file the T3 return—together with the corresponding T3 slips, NR4 slips, T3 summary, and NR4 summary—within 90 days following  the fiscal year-end for that trust. Any outstanding balance is also due for payment within 90 days following year-end. For more details, see the CRA page on T3 filings.

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