Important 2019 Tax Reporting Deadlines for Business Owners
March 2/20 RRSP Deadline for 2019 taxation year.
If you have employees contributing to a Group RRSP Plan any contributions made in the first 60 days of 2020 must be reported as such. (This allows the employee to choose which year he/she would like to apply the deduction).
A second contribution slip must be prepared to show contributions made from March 3, 2019 to December 31, 2019.
March 2/20 T4 Summary and Supplementary reporting
If you paid salary, commissions or employee benefits from January 1 – December 31, 2019 you must complete and file T4s. – See “Employers Guide -Taxable Benefits and Allowances” on CRA website.
If you paid Retiring Allowances including Termination and Severance Pay, these must be reported on T4s.
Please note that amounts eligible for transfer to an RRSP are reported separately on this form from those that are ineligible for transfers.
March 2/20 T5 Summary and Supplementary reporting
If you paid dividends (both eligible and non-eligible dividends) and certain deemed dividends or paid royalties that exceed $50 per recipient.
March 16/20 Ontario Employers’ Health Tax Annual Return must be completed and filed. Generally, employers are exempt from Ontario Employers’ Health Tax on the first $490,000 of Ontario payroll.
March 30/20 Trustee of an Inter-Vivos or Testamentary Trust with a December 31, 2019 deadline must complete and file a T3 Trust and Supplementary forms.
Eligible and non-eligible taxable dividends must be reported separately.
T4 and T4A reporting forms for executor or trustee fees paid (even though they are due by March 2, 2020).
April 30/20 Personal Tax Return deadline
June 15/20 Personal Tax Return deadline if you are self-employed
Note: Any taxes owing are still due by April 30, 2020.
6 mths after your Year End Due date for Corporate Tax filing
Note: Any taxes owing are due 3 mths after year end if you are a CCPC, claimed the small business deduction for current or previous year and the corporation had taxable income less than $500,000 in the previous year (otherwise the due date is 2 mths after year end).
GST/HST Deadlines If you file monthly then the return and amounts owing are due one month after the reporting period. If you file quarterly then the due date is one month after the reporting period. When the returns are filed annually, the return and amounts owing are 3 months following the reporting period.
Please note, the information provided in this newsletter is for information purposes only. Specific professional advice should be obtained from your accountant or tax preparer. Jan Wallace ASE