Starting a new business means many important tasks and activities, and one of the most important is filing your tax and GST returns with Canada Revenue Agency. Follow these steps to ensure you understand and meet your tax obligations.
Registering Your Business with CRA
Register for a business number online, by mail or fax, or by phone. Use CRA’s digital services for faster and easier access and service.
My Business Account is a quick and secure online portal that lets you easily see and manage your company’s tax affairs. With your My Business Account in place, you can also access BizApp, which lets you make payments and view accounting transactions.
You should also sign up for My Account if you report business income on your personal income tax return.
Filing your Income Tax and Benefit Return, or your T2 Corporation Income Tax Return
Be aware of these deadlines:
- If you are a self-employed individual, or if your spouse or common-law partner is self-employed, you have until June 15 to file your income tax and benefit return
- If you are a corporation, you must file your T2 corporation income tax return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period
Plan ahead to file your tax returns as soon as you can. This will allow you to:
- Receive a refund faster
- Avoid interrupting your benefit and credit payments
- Have the time to get help if you need it
Filing electronically helps to ensure an efficient process and a quicker refund via direct deposit.
- If you are an unincorporated, self-employed individual, you can file your income tax and benefit return online using NETFILE
- If you are incorporated, you can file your T2 corporation income tax return online using T2 certified software
You could face a penalty for not filing information returns over the internet If you have employees and are filing information returns by mail. If you file more than 50 information returns for a calendar year, you must file the returns by internet file transfer or web forms.i
Paying Your Business Taxes to CRA
You can pay your taxes online:
- Through your financial institution’s online or telephone banking service
- Using the My Payment service
- Using My Business Account, My Account, MyCRA mobile app, or CRA BizApp
- By credit card, PayPal, or Interac e-transfer through a third party service provider
You can also choose to pay your taxes in person at any Canada Post outlet or your financial institution with a remittance voucher.
GST/HST for Businesses
If your gross revenue is $30K or greater, you need to collect GST or HST on taxable supplies of property and services made in Canada, with some exceptions. Learn more here.
More Information on Registering and Filing for Your Business
Go online to find the information and resources you need to help you and your business:
- make changes to your business and CRA program accounts
- inform the CRA of changes
- access other helpful information
You can also call CRA’s Business Enquiries line at 1-800-959-5525.
Business Accounting and Advisory Support
Benefit from business accounting and advisory support to help you simplify your accounting, improve your business, and achieve more. Get started here!
