Corporations have more flexibility than individuals have when it comes to filing their tax returns. This is due to the fact that, Corporations have the ability to set their year end. As such, their filing deadlines are determined from the Corporation’s year end date. Coincidentally, most Corporations have a year end date that matches the calendar year end.
Important dates for Corporations
- 6 months after the Corporation’s year end – Corporate tax returns(T2) are due.
- Information returns
- The returns that are required to be prepared by the Corporation are due on the specific due date for related information return.
Sole proprietorships and partnerships
Businesses operating as sole proprietorships or as partnerships do not necessarily have the same deadlines as Corporations.
Are businesses that are legally unidentifiable, for tax, from the individual managing the business. Therefore, the revenue generated from the business will be reported directly on the sole proprietor’s personal tax return
Are businesses operating with two or more managing individuals. For tax, these business have similar reporting deadlines.
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