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Important 2020 Tax Deadlines All Canadians Need to Know

With tax season coming up, here are the 2020 tax deadlines you need to know about, as well as how our Chestermere tax accountants can help make filing your taxes as stress-free, simple, and quick as possible.

Tax season is just around the corner, so get ready to tell the government how much money you made last year, how much you already paid in tax, and hope that the difference will put a few dollars back into your pocket.

Whether you’re in for a refund or a tax bill this year, simply filing your return can be a stressful experience involving:

  • New rules to understand
  • Old receipts to collect
  • Deadlines to put on your calendar

The good news? Working with a professional tax accountant or accounting firm can make the process much less stressful and frustrating.

Our Chestermere Accountants Can Help With All Your Tax Needs

At IAP accounting firm in Chestermere, our team is driven by a desire to offer premium accountancy solutions, including tax planning, bookkeeping, and audit services.

Our extensive services coupled with our vast practical experiences means that we are ideally placed to work together with you to ensure you have the expert financial direction and advice you deserve.

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2020 Tax Due Dates All Canadians Should Be Aware Of

The tax filing season is rapidly approaching in Canada and as you move closer towards the April 30th tax filing and payment deadline, it may be helpful to keep in mind key tax milestones this season.

  • February 24th: NETFILE opens. Starting on this day, you can file your return online via NETFILE.
  • March 2nd: This is the last chance to make donations or contributions to an RRSP.
  • April 30th: This is the last day to file your returns on time. Any tax balance owing is also due today.
  • June 15th: June 15th is the last day for individuals who are self-employed to file their returns. HOWEVER, if you have any tax balance owing, that is due on April 13th.
  • Tax Installments: If you are required to pay tax installments in 2020, the days they are due are March 15th, June 15th, September 15th, and December 15th.

Corporate Tax Deadlines

Corporate tax deadlines vary slighting from personal tax deadlines and for tax purposes, businesses can have year-ends that are not December 31st. To figure out when your corporate tax returns are due, follow this guideline:

Corporate tax return filings are due 6 months after the year-end. For example:

  • When your tax year end is on the last day of a month, the return is due by the last day of the 6 month after this year-end. For example, if you have a December 31st 2019 year end, then your due date would be June 30th 2020.
  • When the last day of your tax year is not the last day of a month, then the due date is the same day of the 6th month following year-end. For example, if you have an August 15th 2019 year end, your due date would be February 15th 2020.

Corporate Taxes Owing Deadlines

The due dates for balances owing are earlier than the due dates for filing your tax returns. Taxes owing are due 2 months after year end. HOWEVER, a very common exception is that corporate taxes are due 3 months after the year-end IF the following apply:

  • The corporation is a Canadian Controlled Private Corporation
  • The corporation had taxable income less than $500,000 in the previous year
  • The corporation claimed the small business deduction for the current or past year

Because corporate tax deadlines are a little more trickier, it is always advisable to talk to a professional tax accountant who can best advise you on the way forward.

We Have You Covered

At IAP, a leading accounting firm in Chestermere, our team of professional tax accountants can help you oversee all the necessary documentation required to file your corporate taxes in a timely, efficient, and accurate manner.

To find out more, contact us at 1 (403) 605-6887 or fill in our online contact form.

Call Us Today!Get a Free Consultation

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