Key points
- The T2 return is due six months after year-end, but tax owing is usually due two or three months after year-end.
- T4 and T5 slips are due by the last day of February.
- Ontario corporations file an annual return through the Ontario Business Registry.
The calendar
| Obligation | Deadline |
|---|---|
| T2 corporation income tax return (includes Ontario corporate tax) | Six months after the fiscal year-end |
| Corporate income tax balance owing | Two months after year-end; three months for Canadian-controlled private corporations that meet the small business conditions |
| Corporate tax instalments | Monthly, or quarterly for eligible small CCPCs, when tax owing exceeds $3,000 |
| T4 slips and summary (salaries) | Last day of February |
| T5 slips and summary (dividends) | Last day of February |
| GST/HST returns | Based on your reporting period |
| Payroll remittances | Usually the 15th of the following month |
| Ontario annual return | Through the Ontario Business Registry, within six months of the fiscal year-end |
| Changes to corporate information (directors, addresses) | Reported to the Ontario Business Registry within 15 days |
Records to keep current
- Minute book: annual resolutions approving financial statements, electing directors and appointing (or waiving) an auditor or accountant.
- Register of individuals with significant control: required for Ontario corporations.
- Books and records: generally kept for six years from the end of the tax year they relate to.
Tip: put every date in a shared calendar with a two-week reminder. Most penalties we see come from missed dates, not complicated tax.
Official sources
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