CRA Deadlines you need to know

One of the questions we get a lot is “What are my CRA Deadlines?”  When do I have to pay them by.  What happens if I do not?

You think this is a simple question – and for us it is but for new business owners it gets very confusing very fast.  So this is what you need to know so that we can answer that question.

  • Which CRA Deadlines are you asking about?
    • GST
    • Payroll
    • Corporate tax
    • WCB (not the CRA but important none the less)
  • How frequently do you need to file?  CRA Deadlines are determined by filing frequency and period end date.
    • When GST gets set up it usually should be annual – but I have seen mistakes made where it was set up quarterly or worse monthly
      • Quarterly or Monthly
        • By the end of the next month *ie January GST is due end of February
      •  Annual
        • You have 3 months for filing and paying * ie January is due end of April
    • Corporate is annual
      • it is based on when your registered your company if you incorporated
      • It is a calendar year if you are unincorporated
        • You have 3 months to pay your taxes – but 6 months to file.
          • Yes your CRA Deadline for payment is before you technically need to know when how much you owe.  Estimates are good if you are not ready to file.
      • After filing you may need to start paying installments – your accountant should let you know when and how much you need to remit in installments.
    • Payroll
      • It is the 15th of the next month until you get really large.
    • WCB (Alberta)
      • Honestly look at your online portal they pick different months for different businesses sometime monthly, sometimes quarterly usually I see every second month.  They will send you invoices though.
      • Really small businesses are annually paid in advance (you estimate what you will owe for the current year in January or February and pay it up front).
      • Filing is done before end of February summarizing the last calendar year and estimating the next one.
GST – filing and payment due at end of the month
Period end date Monthly or Quarterly due date Annual due date
January February April
February March May
March April June
April May July
May June August
June July September
July August October
August September November
September October December
October November January
November December February
December January March
Corporate
Period end date Payment due date Filing due date
January April June
February May July
March June August
April July September
May August October
June September November
July October December
August November January
September December February
October January March
November February April
December March May
Payroll – Regular Remitters
People paid in Payment and filing due
January February 15
February March 15
March April 15
April May 15
May June 15
June July 15
July August 15
August September 15
September October 15
October November 15
November December 15
December January 15
  • What happens if I am late filing or paying?
    • You need to file as soon as possible.
    • If you do not have the money to pay then you can make arrangements in good faith with the CRA before they call you – they are much easier on you if you show the initiative to fix your mistakes.
    • If you are really behind – like years – then discuss it with your accountant – arrangements can be made to help minimize the effects of late filing, interest and penalties.
      • Before you can file you will need a bookkeeper or accountant to figure out that you should have paid and sometimes filing all years at once makes sense, sometimes as soon as you get each year done- your accountant or bookkeeper will come up with a plan.
    • Remember that GST and Payroll money are trust money and will need to be paid in full even if you go through bankruptcy.  Get this sorted out as soon as possible and hopefully limit the problem.
    • Having a good bookkeeper will keep you on track – we make sure that our clients are caught up and things are filed on time.  We will help make sure you have paid on time and filings are up to date.

If you have any questions about your CRA deadlines or to help keep you or get you on track, please contact us

WCB annual return – Alberta

It is almost that time of year again – Your WCB annual return is due at the end of February.  Are you ready?

Do you know what is involved in filing your WCB annual return? Time_Money_balance

  • Do you understand what parts of your employee costs are used to calculate WCB premiums?

Have you monitored your subcontractors?

  • Did you know if you hire a person you need to cover thier WCB?
  • Did you know if the subcontractor is a business you need to make sure they have WCB clearance before you pay them – or you could have to pay it for them.  WCB Alberta Contractor infomation

Do you know ways to lower your WCB premiums – are they worth it for the amount of work you need to do?

  • OIS
    • Get a system with Doctors on board to lower costs when injuries happen
  • PIR
    • Can save 20% off your rate – but takes a lot of work
    • Can be required or help get contractors for some industries (construction…) related to COR certification
  • Safety association
    • Develop better safety practices so you lower number and severity of injuries
  • ICP
    • Only applys to specific industries
  • Modified work program – this one needs to be set up before injuries happen so employees understand how it will work if they ever get hurt.  This can be connected to OIS to make sure the Dr knows you have a modified work program and will work with the employee to get them back to work which is better for everyone.

Do you know why you should or should not be covered as the director of the company – hint you should almost always cover yourself.

  • Think of it as the cheapest legal coverage you can buy.  You may never claim for a disability yourself – but it prevents employees from being able to sure you personally.

How do you estimate next years annual return value?

  • If you are estimate too high you will pay more all year – and get it back next filing
  • If you estimate too low you will face penalties.
  • You should aim to get it close – did you know you can adjust part way through the year and hopefully avoid being too far off.

These are the things that your bookkeeper should be monitoring for you and making sure you are covered.  If you need help contact us and we will walk you through it and help you file your WCB annual return.

Contact us at Bookkeeping@onyxfireonline.ca