2.4 What are the filing and payment deadlines for an individual, a trust and a corporation?
Shubhneet Kaur Grewal
According to ITA 248(1) the Balance-due day is a deadline for payment of tax which varies for individuals, trusts and a corporations.
Under ITA 249(1), Taxation Year is defined as the calendar year for an individual, and the fiscal year for a trust and corporation.
| Tax Filing and Payment Deadlines – per ITA 248(1) “Balance-Due day” | ||
|---|---|---|
|
Taxpayer |
Filing deadlines |
Balance-due Day |
|
Individual |
April 30th |
April 30th |
|
Individual (Self-Employed) |
June 15th |
April 30th |
|
Trust |
Within 90 days of their fiscal year-end (for most trusts the calendar year will be the fiscal year) |
90 days after the end of their fiscal year (again, this will usually be the calendar year) |
|
Corporation |
Within 6 months of the year-end |
2 months after the corporation’s fiscal year end |
|
Corporation (Private) |
Within 6 months of the year-end |
3 months after the corporation’s fiscal year end* |
*Note: Refer to section 125 deductions and business limits for further details on corporate tax payment deadlines.
Interactive Content
Author: Shubhneet Kaur Grewal, January 2019
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Author: Oscar Chan, January 2019
References and Resources
- Income Tax Act, RSC 1985, c1, (5th Supp.) ss 156.1(4), 248(1), 249(1)
- Chartered Professional Accountants. (2022). The Chartered Professional Accountant Competency Map. Part 1: The CPA Competency Map: 6.4.1
“What are the filing and payment deadlines for an individual, a trust and a corporation?” from Introductory Canadian Tax Copyright © 2021 by Shubhneet Kaur Grewal is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.
