As is customary, every new year ushers in new rules, new income tax rates and new payroll tax rates.

What usually stays the same are the various deadlines for filing government forms. So, we must be careful not to miss deadlines, as certain missed deadlines can carry interest and dreaded penalties.

So, hang on, here we go:

-January 15th – payment deadline for taxable benefits for the 2018 payroll year to be added to payroll remittances namely auto benefits, low interest loan benefits and all such taxable benefits. These amounts are added to the employees gross income and will ensure that you pay the required payroll deductions.

-January 31st (or whatever your deadline is for filing your sales tax remittances for the period ended December 31st )—payment deadline- you must remit the sales taxes (GST/HST/QST) on the above-noted taxable benefits, namely auto benefits.

-February 28th –filing deadline for Payroll for 2018-T4 summaries, Releve 1 summaries

– February 28th—filing deadline for T5s for payment of interest or corporate dividends paid in 2018

– February 28th  –payment deadline for income taxes for corporations with December year-ends

-March 1st—deadline for RRSP contribution for 2018 taxation year.

-March 31st—filing deadline for Trust returns and partnership returns

-April 15th – filing deadline for US personal income tax returns

-April 30th –filing deadline for Canadian personal income tax returns

-June 15th—filing deadline for Canadian personal tax returns for individuals with business income

-June 30th –filing deadline for corporate tax returns with December 31st years ends.

The good news is that whenever a deadline falls on a weekend or statutory holiday the deadline is pushed to the next business day. Note that filing deadlines usually require that the forms are filed on time. i.e. postmarked or electronically sent.

Whereas, payment deadlines require that the government receiver takes delivery of the funds by the deadline. The best practice is to make sure that the government takes delivery on the deadline date.

Gavin Correa

January 7, 2019

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