Canadian corporations are required to file annual income and capital tax returns (due six months1 following each taxation year end), and to meet several other Canadian annual filing and remittance deadlines. This Tax Insights outlines some of the more common compliance requirements to be considered at this time of year. Others also may apply (e.g. T4A information return to report certain benefits to shareholders).
Failure to meet these requirements may result in the assessment of penalties and/or interest for non compliance, late filing or late remittance. A waiver may be obtained in certain circumstances.
Some of the compliance requirements discussed below also apply to individuals, trusts and partnerships. Key filing deadlines for corporations, as well as for individuals, trusts and partnerships, are summarized in Tax facts and figures 2013, available at www.pwc.com/ca/taxfacts (page 37). Deadlines falling on holidays or weekends may be extended to the next business day.
T42 – Statement of Remuneration Paid – Employers are required to file a T4 information return (T4 Summary and T4 Slips) to report remuneration paid. The 2013 return must be filed on or before February 28, 2014.
T52 – Return of Investment Income – The T5 return (T5 Summary and T5 Slips) reports various types of investment income (e.g. dividends and interest) paid to residents of Canada, including corporations. The 2013 return is due for filing on or before February 28, 2014.
NR4 – Statement of Amounts Paid or Credited to Non-Residents of Canada – The NR4 return (NR4 Summary and NR4 Slips) reports amounts paid or credited to non residents that are subject to Canadian withholding tax (e.g. royalties, dividends, interest, management fees). Certain amounts paid or credited to non-residents must be reported in the NR4 return even if they are exempt from non-resident withholding tax (e.g. certain royalty payments may be exempt pursuant to a tax treaty). The filing due date for the 2013 return is March 31, 2014.