There are two things you need to know if you operate a Canadian business and haven't filed your income tax yet:
1) Even though self-employed people have longer to file their Canadian income tax (until June 15th), they don't have longer to pay whatever Canadian income tax they owe; you still only have until April 30th to pay your income tax.
2) There are late-filing penalties if you don't file your income tax return on time. (The standard late-filing penalty is 5% of the balance owing and an additional 1% of the balance owing for each full month that your return is late, to a maximum of 12 months - but if you haven't filed for several years, the penalty for filing your Canadian income tax late could even be higher.)
So you'll want to at least make a "guesstimate" and pay what you think you're owing by April 30th, even if you're not able to get your income tax filed by that date.
Read More About Canadian Income Tax
- Canadian Income Tax Due Dates
- How Long Does a Tax Refund Take?
- Canadian Income Tax and Your Small Business
- Business Expenses Index for Canadian Businesses
- The Rules for Meals and Entertainment Expenses on Canada Income Tax
- What Motor Vehicle Expenses Can You Claim on Income Tax in Canada?
- Canadian Income Tax FAQs for Small Businesses
- How to Complete the T1 Canadian Income Tax Form as a Business
- How to Calculate Capital Cost Allowance
- Guide to Income Tax for Canadian Corporations
- Investment Tax Credits for Canadian Small Businesses
- Top Canadian Tax Software Programs
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