How Are Corporate Taxes Paid To The CRA?
July 7, 2022
There are a few different options in which to pay corporate taxes to the Canada Revenue Agency (CRA).
The first option would be via cheque (with the business number and qualifier number written in the memo field) and then mailing it to the nearest CRA business office.
To send CRA a payment via cheque, you must have the proper remittance stub completed and attached to the cheque.
- Note – without the proper remittance stub, you will need to send a letter with all the pertinent information pertaining to your corporation and attach the cheque to it.
The second option is online banking. For this method to work, you must have the “Government Tax Filings” authorized within your online banking account.
- Note – Each financial institution is different so please check with your branch if you require authorized access for adding “Government Tax Filings” within your account.
Corporate Tax Payment Deadlines
Corporate Tax payments are due as follows:
- If your accountant says you are taxable – then your corporate year-end taxes are due within 90 days of the year-end. (i.e. December 31st year-end, payment is due March 31st)
Corporate Tax monthly installments are due on the last day of each month starting the 1st month of the year-end. (i.e. year-end is Dec 31, 2022 – installments started Jan 31, 2022, and continue up to and including Dec 31, 2022)
Corporate Tax quarterly installments are due on the last day less a day of each quarter starting the 1st month of the year-end. (i.e. year-end is Dec 31, 2022 – quarterly installments are due March 31, June 30, Sept 30, and Dec 31, 2022).
Recommendation:
If you need assistance setting-up your corporate tax payments or installments to the CRA, please do not hesitate to give us a call.