Once incorporated, all corporations are required to complete annual corporate tax returns. Taxes must be paid 3 months after a corporation’s year end and must be filed 6 months after a corporation’s year end. Corporations may also have to file HST returns.

There are numerous things to consider for corporate income taxes:

• Late payments may result in late filing fees, penalties and interest, which can impact a corporations cash flow, including their own compensation
• Corporations are required to make installments in many instances, and there can also be penalties on interest on these amounts if not paid on time
• Penalties and interest on HST are more stringent as the CRA considers these amounts to be held in-trust on their behalf

Corporate tax returns need to be filed accurately and in a timely manner.