A corporate tax return must be filed annually, GST/QST must be remitted if the business is registered for GST/QST, and source deduction must be reported and paid if the business has any employees. If your business is registered in Quebec, you will have to file the Quebec tax return.
Frequently Asked Questions
Yes. If your business is a sole proprietorship or partnership, you use the same income tax return to file your business taxes that you use to file your personal income taxes – the T1 income tax form. If your business is a corporation, however, you have to file a T2 corporate income tax return.
Income taxes are calculated for a calendar year and the deadline is April 30th of the following year for individuals’ tax returns or June 15th for self-employed persons
It is advised that you have your taxes done well in advance of this date. If you are late filing, you should still file your taxes, but know that if you owe any tax then there may be interest associated with your account
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