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When are Corporate Taxes Due To The CRA?

Tax Question:

When are corporate taxes due to be paid to Canada Revenue Agency (CRA)?

Facts:

The corporate tax due date is different than the corporate taxes filing deadline. The T2 corporate tax return deadline to file is six months from the end of the fiscal year. The corporate tax due deadline is generally two months after the end of the fiscal year. However, the deadline is extended to 3 months if certain conditions are met:

  1. The corporation is a Canadian-Controlled Private Corporation (CCPC) during the whole year;
  2. The corporation claimed the small business deduction for the current or previous tax year; and
  3. In the previous tax year, the taxable income of the corporation and any associated corporations does not exceed the group’s total business limit for that year.

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Is It Better to take Dividends or Salary in 2019?

Tax Question:

Is it better to take a dividend or salary for 2019?

Facts:

Owners and shareholders of a corporation have a choice to pay themselves either dividends or salary as part of their remuneration package. The tax system in Canada is designed so that it should not matter how an individual earns their income as they should experience the same level of tax. However, the recent tax changes as part of the federal budget have increased the cost of dividends to the taxpayer.

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What Expenses Can I Deduct in My Business For Travel?

Tax Question:

I am going to an out-of-town work-related conference and I will stay after the conference for vacation. What expenses can I deduct in my business for travel?

Facts:

In order for travel expenses to be tax-deductible, they need to be incurred primarily for business. The Canada Revenue Agency (CRA) does not want you to take a personal vacation and then deduct the related expenses because you discussed business for one hour.

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