Important dates for corporations

Payments

• Balance owing - When a corporation has a balance owing, the amount is due on the balance due date.
• Instalments - Learn when your instalment payments are due.
• Paying on time - How we determine that your payment has been received on time.

Filing

Learn when to file your return by the allowed timeline and how to ensure that we receive your return by the due date.

Reassessments

• Normal Reassessment Period - The time limit for reassessing a return.
• Extended Reassessment Period - We can extend the reassessment period by three years in certain cases.
• Unlimited Reassessment Period - We can reassess a return at any time under certain circumstances.

Appeals

You have 90 days to submit a notice of objection to resolve a dispute if you disagree with an assessment or reassessment.

Refund interest

When we refund or apply an overpayment, we pay refund interest from certain dates.

Carrybacks

We will calculate late payment interest, refund interest, or both, for the carryback from 30 days after certain dates.

Registration

Within 45 days of incorporation, you should receive a notice confirming your Business Number (BN) and summary of accounts including your corporation income tax account.

Tax year

The corporation's tax year is its fiscal period. A fiscal period has rules that apply to the tax year.

Fiscal year-end

A corporation can use a calendar year for the GST/HST account or use the same fiscal year-end as the corporation income tax account.

For more information, see Change of fiscal year-end.

Keeping Records - Information you need to know about maintaining your records.

Retention period - There is a six-year requirement for keeping your books and records.

Early destruction - In some cases, we may give you permission to destroy your books and records before the six years have passed.

Related Topics

• All you need to know about Corporations.