For businesses operating in Canada, staying on top of important tax deadlines is crucial to maintaining compliance and avoiding penalties. One such deadline that requires business owners attention is corporate tax filing deadline.
This Deadline is typically falls on last day of 6th month after end of business’s fiscal year.
It is important to note that fiscal year is not same as calendar year; it’s 12-month period that business uses for financial reporting.
Failing to meet corporate tax filing deadline can lead to various negative consequences for business. CRA may impose penalties and interest on any taxes owed. These financial penalities can business’s finances and impact its reputation.
To avoid missing the corporate tax deadline, consider implementing the following tips: