Scotia Accounting

Income Tax – If you are a sole proprietor or partnership you have to file your T1 income tax return by June 15^th of the following year (however, if you have a balance owing you will be charged interest starting May 1^st).

If your business is incorporated, it will be required to file a T2 tax return within  6 months of its year end (however, interest will be charged on any amounts owing after 3 months).

HST –   When you register you will be assigned a remittance period of either monthly, quarterly or annually.  If you are required to remit monthly  your remittance is due on the last day of  the following month.  For quarterly remitters the due date is the end of the month following  the end of the calendar quarter (i.e. Jan. 1^st to Mar. 31^st HST is due by Apr. 30^th).  Finally if you are on an annual remittance schedule for a proprietor/partnership your return is due on June 15^th of the following  year, but interest will  be charged from May 1^st.  Returns for corporations who file annually are due 3 months after their fiscal year end.

Payroll (including WCB) – Again when you register you may be assigned either a monthly or quarterly remittance period.  Monthly remittances are required to be paid by the 15^th of the following  month and quarterly remittances by the 15^th of the month following the end of the quarter.

          You will also need to complete T4’s and file a T4 summary by the end of Feb. for the previous year’s payroll

          All three types of remittances can be paid at your bank branch, by mail or on-line.