Filing Corporate Tax and GST Returns can be a complicated matter. Let Stuart and Company handle all the paperwork and ensure that your corporate tax returns and GST returns are filed correctly and on time.
Corporate Tax Returns
Corporations operating in Alberta are required to file Alberta corporate tax returns in addition to filing with Canada Revenue Agency (CRA).
The basic rule for filing your Canadian corporate tax return is that you must file your return no later than six months after the end of each tax year. When your T2 tax return is due depends on your corporation’s fiscal year end. If, for instance, your corporation has a fiscal year end of June 30th, your Canadian corporate tax return would be due on December 31st (the last day of the sixth month). You must, however, pay any tax liabilities within three months of your year end.
The Government of Alberta administers its own corporate tax collection. You must file separate provincial corporate tax returns if your business is established in Alberta. Filing deadlines are similar to the CRA requirements.
When you register for the GST in Canada, the CRA assigns you a GST/HST reporting period based on your total annual sale of GST/HST taxable goods and services. This reporting period may be monthly, quarterly or annual.
The CRA will assign you a reporting period based on your total taxable supplies of goods and services in the previous fiscal year when you register for the GST/HST. Depending on what that figure is, you may be able to choose a different optional reporting period.
For each reporting period, you must prepare and send to the CRA a GST return which shows the amount of GST you charge your customers, and the amount of GST/HST you paid or owe your suppliers. The difference between these two is your net tax.
Remember – you need to file your GST/HST returns on time according to your reporting period schedule even if you haven’t conducted any business activities or collected any GST/HST during that reporting period.
Contact us to discuss your corporate tax return and GST return needs.