May 1, 2023

Tax Payments - Corporate, GST, Payroll?

Tax Payments – Corporate, GST, Payroll?

Taxes can get confusing, but that’s what your tax preparer is for! As long as you give your bookkeeper or accountant everything they need and answer their questions quickly, they should be able to ensure that all your tax returns and slips are filed correctly and on-time. They’ll tell you what’s owing and then it’s your responsibility to make the payments through your business online banking.  You usually need to use a separate tax filing payment service to make these payments. Check out this tax payment video for some guidance.

  • Payroll source deductions
    These need to be paid by the 15th of the month following the month cash was actually paid out.  E.g. If you paid yourself or employees any time in September, then you need to pay the CRA by October 15th.  It’s always good to pay 2-4 business days early as it can take time for the CRA to process the payment.
  • Goods and Services Tax (GST)
    GST is calculated and filed monthly, quarterly or annually. An annual reporting period to match your fiscal year-end is usually preferred. Your accountant or bookkeeper will file your GST returns for you and let you know how much you need to pay. Even if you’re an annual reporter, you should still make quarterly payments. This can help with cash flow restraints at year-end.
  • Corporate – Federal and Provincial Taxes are calculated once per year when your “year-end” is completed.  Alberta collects their taxes separate from the Federal government, so you’ll have two separate payments (Federal and Alberta) to make if you have an Alberta company.
  • Personal Taxes
    You’ll pay tax on any money you pull out of your company (i.e. dividends or salary) plus any other personal income (rental income, personal investments etc). Your accountant or tax preparer will likely request information in March and will let you know how much you owe (or your refund) when done.

Check out this link for our pricing and tax services. From personal to corporate, we’ve got you covered!

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