Corporate income tax deadline for CCPC

Q1 What is the filing deadline for corporate income tax returns for CCPC in Canada?

The filing deadline is six months after the end of the corporation's fiscal year. When the corporation's tax year ends on the last day of a month, file the return by the last day of the sixth month after the end of the tax year. When the last day of the tax year is not the last day of a month, file the return by the same day of the sixth month after the end of the tax year.

For example, if the fiscal year ends on December 31, 2024, the filing deadline would be June 30, 2025. If the fiscal year ends on October 2, 2024, the filing due date would be April 2, 2025.

Q2 What is the payment deadline for corporate income taxes?

For general corporations, the payment deadline is earlier than filing due date which is two months after the end of the corporation's fiscal year.

For CCPC claiming the small business deduction, the payment deadline is three months after the end of the fiscal year. Most incorporated small businesses will fall under the three-month deadline.

Q3 When are quarterly tax instalment payments due for CCPC?

When a CCPC 1) has a perfect compliance history, 2) the taxable income of current or preceding tax year together with any associated corporation is $500,00 or less, and 3) taxable capital employed in Canada in the current tax year is $10 million or less, it is qualified to pay instalment on a quarterly basis. The instalment payments are due on:

March 15,

June 15,

September 15, and

December 15, 2025.

Missing these dates can lead to interest charges, so it's important to mark your calendar or set reminders.

Q4 Are there any penalties for late filing or payment of corporate income taxes in Canada for 2025?

Yes, there are penalties for late filing and payment. Late filing can result in a penalty of 5% of the balance owing, plus 1% for each full month the return is late, up to a maximum of 12 months. Late payment penalties include interest charges on the outstanding amount, calculated daily from the payment deadline until the balance is paid in full.

By maintaining organized records and staying informed about filing deadlines and requirements, corporations can effectively manage their tax obligations and contribute to their financial stability and growth.

For further information, please contact Thettin Accounting at advisory@thettin.net.