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For sole proprietorship or partnership, you shall declare your business income on your personal income tax return (T1) and pay any income tax due on or before April 30th of 2016 if your business fiscal year ended Dec. 31, 2015 – common in most businesses.

However, If you have self-employment income, or spouse or common-law partner of someone who does, unless the expenditures of the business are mainly the cost or capital cost of tax shelter investments” (CRA), you have until June 15th to file your income tax return. Even if you are not filing your income tax until June 15, you still have to pay any income tax due by April 30 to avoid penalties.

Whereas for corporation whose balance owing on its tax return (T2) – most corporation, tax liability must be paid within 2 months after end of fiscal tax year end – except Canadian controlled private corporation, whose tax liability must be paid within 3 months provided the following conditions are complied with:

  • A CCPC throughout the tax year;
  • Claiming the small business deduction for the tax year, or was allowed the small business deduction in the previous tax year; and either
  • The taxable income for the previous tax year does not exceed its business limit ($500,000) for that tax year (if the corporation is not associated with any other corporation during the tax year); or
  • Total of the taxable incomes of all the associated corporations for their last tax year ending in the previous calendar year does not exceed the total of their business limits for those tax years (if the corporation is associated with any other corporation during the tax year).

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