Some things in life are inevitable. Paying taxes is one of them. If you operate a corporation in Quebec, do you know the deadline for filing your tax return?
To file or not to file a tax return for my Quebec corporation?
To be in good standing with the government, it is best if your company files an annual tax return. In Quebec, some companies are even required to file one within a prescribed time limit. Does your corporation have to file a tax return? Yes, particularly if it had an establishment in Quebec at any time, and if it was acting as an agent or nominee.
How to file and send taxes in Quebec
Unlike the federal government, which requires corporations with income over $1 million to file their returns electronically, Revenu Québec leaves you the freedom to choose the most convenient filing method for you. As a result, a corporation's tax return can be filed electronically or using a paper form. You can then send it by mail or online.
The deadline for filing your tax return
Now, the answer to the burning question: what is the deadline for filing a tax return if you run a corporation? According to Revenu Québec, a corporation must file the Corporation Income Tax Return (CO-17) within six months of the end of its tax year. You are required to complete it within the prescribed time limit, otherwise you may be subject to penalties and interest.
So, you just fill out the CO-17 form and that's it? Not quite, you also need to attach all related forms, schedules, financial statements and, if applicable, the auditor's report.
After filing the tax return
Completing your corporation's tax return is all well and good, but you still have to make the final income tax payment. To this end, what is the applicable time limit? For all corporations, the final tax payment must be made on the last day of the second month following the end of your corporation's tax year. If your corporation is Canadian-controlled, this time limit is extended by one month, the last day of the third month following the end of the tax year.
How can you ensure that you don't miss the corporate tax deadline?
Entrepreneurs and managers of Quebec companies devote most of their time to the growing their companies. To support them in their efforts, T2inc.ca offers a professional tax return filing service.
If you want to stay in good standing with the government and optimize the deductions and tax credits to which you are entitled, contact the T2inc.ca team.
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
