Important dates for corporations

Payments

• Balance-due day
• Instalment due dates
• Paying on time

Filing

• When to file your corporation income tax (T2) return

Reassessments

• Normal reassessment period – The normal period of reassessment for your T2 return depends on whether or not the corporation was a Canadian-controlled private corporation.
• Extended reassessment period – The CRA can reassess your T2 return up to three years beyond the normal period in certain situations.
• Unlimited reassessment period – The CRA can reassess your T2 return at any time in certain situations.

Appeals

You have 90 days from the date of the notice of assessment or reassessment to file a formal objection. See Resolving disputes for more information.

Refund interest

When the CRA refunds or applies an overpayment, it pays refund interest from certain dates.

Carrybacks

The CRA will calculate late payment interest, refund interest, or both, for the carryback from 30 days after certain dates. See Effect of a carryback on interest for more information.

Registration

Within 45 days of incorporation, you should receive a notice confirming your business number (BN) and summary of accounts including your corporation income tax program account.

Fiscal period

The corporation's tax year is its fiscal period. See Determining your corporation's tax year for more information.

Tax year-end

A corporation can use a calendar year for the GST/HST account or use the same fiscal period as the corporation income tax account.

To change your tax year-end, see Change of fiscal year-end.

Keeping records

• Keeping records – Information you need to know about maintaining your records.
• Retention period – You have to keep your business records for 6 years.
• Early destruction – In some cases, the CRA may give you permission to destroy your books and records before the 6 years have passed.

Related topics

• All you need to know about Corporations