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Corporate filing frequency
For your first year of operation, you will have to pay corporate income tax three months after your selected year-end date. During the second year of operation, if your federal taxes are more than $3,000, you will have to begin making quarterly or monthly instalment payments. Businesses are treated similarly to taxpayers under the Income Tax Act and are required to pay regular partial payments of their payable tax, just like workers have tax deducted from their wages or salary every pay cheque. Your instalment amount is based on how much you paid the previous year in taxes.
GST/HST filing frequency
Depending on the size of your business, you may need to file a GST/HST return monthly, quarterly or annually.
|
Monthly |
Sales over $6 million |
Tax return and payment due one month after each month |
|
Quarterly |
Sales between $1.5 billion – $6 million |
Tax return and payment due one month after each quarter |
|
Annually |
Sales under $1.5 million |
Tax return and payment due three months after the year-end. You will need to pay quarterly installments if your net remittance is greater than $3,000. |
Payroll filing frequency
Your payroll frequency is determined by your average monthly remittances from two years ago. Here are details on how to pay.
|
Under $3,000 |
Are permitted to remit quarterly |
|
$3,000- $15,000 |
15th day of the month, following the month when the deductions were made |
|
$15,000–$49,999 |
10th and 25th day of each month |
|
$50,000 and over |
3rd, 10th, 17th and 24th of each month |