2022 Key Canadian Tax Reporting Deadline Dates

Type of Filing & Filing Due Date

• Monthly Return – Last day of month following Month to report
• Quarterly Return – Last day of month following Quarter to report
• Annual Return including year-end Adjustments – Last day of month following fiscal year-end

Penalty Information

• Failure to File: 1% of balance owing + (25% of 1% owing x number of months return is overdue, to a max. of 12 months)
  
• Failure to Accurately Report: 5% of incorrect amount + 1%/month of the discrepancy, until amount corrected, to a max. of 10 months¹

Type of Filing & Filing Due Date

• Monthly/Quarterly Filing – File Form GST34 return within 1 month after the end of your reporting period, with payment
• Annual  – File Form GST494 within 6 months after your fiscal year-end

Penalty Information

• Failure to File: 1% of balance owing + (25% of 1% owing x number of months return is overdue, to a max. of 12 months)²

Type of Filing & Filing Due Date

• Balance Due – CCPC³ – 3 months after the end of the tax year
• Balance Due – Non-CCPC – 2 months after the end of the tax year

Penalty Information

• Penalty equals the difference between Instalment Interest and the greater of $1000 or 25% of instalment interest, if no payment made in the year.

Type of Filing & Filing Due Date

• Tax Return – 6 months after the end of the tax year

Penalty Information

• 5% of the unpaid tax that is due, plus 1% of unpaid tax for each complete month that the return is late, to a maximum of 12 months (Penalties increase for a demand to file)
• Large Corporations incur an additional penalty/month:
  0.0005% of Tax. Capital in Canada + 0.25% Part VI Tax Payable ⁴

Type of Filing & Filing Due Date

• T3 Slips, T3 Summary, T3 Tax Return, NR4 slips & summary – 90 days after the Trust’s year-end

Penalty Information

• The penalty for filing a T3 late is 5% of the unpaid tax plus 1% of the unpaid tax for each full month that the T3 return is late, to a maximum of 12 months. Where no balance due exists, the penalty is $25 a day for each day the return is late, with a minimum penalty of $100 and maximum penalty of $2500

Type of Filing & Filing Due Date

• Withholding Tax, where amounts have been paid to a non-resident entity for such items including, but not limited to rent, royalties, franchise payments, interest, dividends and management fees – Withholding Tax is due the 15th day of the month following the month the amount was paid or credited to the non-resident.
• NR4 Slips & Summary, even if Withholding Tax on payment is nil – Due March 31 after the calendar that payments were made to non-residents

Penalty Information

• Penalty for failing to distribute NR4 slips is $25/day for each failure, with a min. penalty of $100, and max. $2500
• A late withholding tax remittance will be assessed a penalty, per the following schedule:
  • 3% if the amount is 1 to 3 days late
  • 5% if the amount is 4 to 5 days late
  • 7% if the amount is 6 to 7 days late
  • 10% if the amount is more than 7 days late, or no amount is remitted⁵

Type of Filing & Filing Due Date

• Withholding Tax on payments to Non-residents for services provided in Canada – Withholding Tax is due the 15th day of the month following the month the amount was paid or credited to the non-resident.
• T4A-NR Slips & Summary – You must give the recipient their T4A-NR slip and file your T4A-NR information return with the Canada Revenue Agency on or before the last day of February after the calendar year the information return applies to.

Penalty Information

• Penalty for failing to distribute T4A-NR slips is $25/day for each failure, with a min. penalty of $100, and max. $2500
• Each slip is an information return with a min. late filing penalty of $100, to a max. of $7,500
• A late withholding tax remittance will be assessed a penalty, per the following schedule:
  
  • 3% if the amount is 1 to 3 days late
  • 5% if the amount is 4 to 5 days late
  • 7% if the amount is 6 to 7 days late
  • 10% if the amount is more than 7 days late, or no amount is remitted⁶

Type of Filing & Filing Due Date

• Ontario Premium Tax Balance Due – 3 months after tax year-end (CCPC). 2 months after tax year-end (non-CCPC).
• Ontario Premium Tax Return– 6 months after the end of the tax year
• Federal Excise Tax Return and Balance Due – April 30 following year payment made

Penalty Information

• 5% of the unpaid tax that is due, plus 1% of unpaid tax for each complete month that the return is late, to a maximum of 12 months. Penalty doubles for two late filed returns
• Failure to File: 1% of balance owing + (25% of 1% owing x number of months return is overdue, to a max. of 12 months),sup>8

Type of Filing & Filing Due Date

• T4 or T4A – On or before the last day of February of the following calendar year that the information return applies to

Penalty Information

• A late withholding tax remittance will be assessed a penalty, per the following schedule:
  
  • 3% if the amount is 1 to 3 days late
  • 5% if the amount is 4 to 5 days late
  • 7% if the amount is 6 to 7 days late
  • 10% if the amount is more than 7 days late, or no amount is remitted⁹