How to Impress Your Banker
The following summarizes some of the more significant tax filing requirements in Ontario:
| Income Tax |
Proprietorship and partnership income is included in the T1 return on a calendar year basis. The T1 for self-employed individuals or partnerships has a June 15 filing deadline with income tax amounts due April 30. Installments must be remitted quarterly where required.
Corporations must remit taxes in monthly installments and pay the final amount within 2 or 3 months of the fiscal period end depending on size. The return must be filed within 6 months of year-end.
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Goods and Services Tax (GST)
(Federal) |
Dependent on size, monthly, quarterly or annual filings required. Annual filers may be required to pay installments on a quarterly basis. |
Provincial Sales Tax
(Ontario) |
Normally monthly filings and remittance but can be less frequent for smaller businesses. |
| Workplace Safety (WSIB) |
Monthly, Quarterly or Annual filing required based on insurable earnings. |
| Employee Withholdings |
Along with the employer portion for Canada Pension Plan (CPP) and Employment Insurance (El) deductions, the employee deductions (Tax, CPP and El) are remitted to CCRA by the 15th day of the month following. For larger employers, the remittance dates are advanced to a more frequent basis. An annual information return (T4) has a deadline of the last day of February following the calendar year in which the wages were paid.
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Phelan & Stodulski, Certified General Accountants
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