By Bronte Bay CPA Professional Corporation · 8 min read
Short answer: Running an incorporated Canadian business means recurring CRA obligations every month, quarter, and year — HST remittances, payroll remittances, corporate tax instalments, T4s, T2s, and personal tax returns. Missing any of these triggers penalties, interest, and CRA attention. Here is the complete financial to-do list for Canadian business owners — organized by frequency — so nothing falls through the cracks.
Most Canadian business owners did not incorporate to become compliance managers. But the moment you incorporate, you take on a set of recurring financial and CRA obligations that do not go away — and that carry real penalties when missed. A late HST remittance costs 3%–10% of the balance owing. A late T2 filing costs 5% of any taxes owing plus 1% per month. A missed payroll remittance triggers immediate CRA interest and can lead to director liability.
The solution is not to remember everything — it is to have a system. Here is the complete financial to-do list for incorporated Canadian businesses, organized by cadence.
Monthly To-Do List
Bookkeeping — Reconcile Every Month
Bank and credit card accounts should be reconciled monthly — not quarterly or at year-end. Monthly reconciliation means discrepancies are caught early, HST tracking is accurate, and financial statements are available in the first week of each month. With Xero and automatic bank feeds, this is not a manual process — your bookkeeper categorizes and matches bank transactions as they import daily.
Payroll Remittances — Due by the 15th
If your business has employees, payroll remittances — CPP, EI, and income tax withheld from employee pay — are due to the CRA by the 15th of the month following each pay period for regular remitters. Missing a payroll remittance triggers immediate interest and penalties, and directors of the corporation can be held personally liable for unremitted payroll deductions. In 2026, CPP is 5.95% employee / 5.95% employer (max YMPE $73,200), CPP2 is 4% (YAMPE $81,200), and EI is 1.64% employee / 2.296% employer (max insurable $65,700).
Review Your Monthly Financial Statements
Profit & Loss and Balance Sheet should be reviewed within the first week of each month — not filed away unread. Monthly review is where you spot declining gross margins (a pricing or cost signal), growing accounts receivable (a collections signal), and unusual expense categories (a control signal). At Bronte Bay, monthly financial statements are delivered to every bookkeeping client within the first week of the following month.
📋 Monthly checklist: ☑ Bank and credit card accounts reconciled ☑ All receipts captured in Hubdoc ☑ Payroll remittance filed and paid by the 15th ☑ P&L and Balance Sheet reviewed ☑ Aged accounts receivable reviewed — follow up on anything over 30 days
Quarterly To-Do List
HST/GST Filing and Remittance
If your business has annual taxable revenues between $1.5M and $6M, HST/GST returns are filed and remitted quarterly. The quarterly deadlines are one month after the end of each quarter: April 30 (for Q1 ending March 31), July 31 (Q2), October 31 (Q3), and January 31 (Q4). If your revenue is under $1.5M, your filing may be annual — but you must still remit quarterly instalments if the CRA has requested them. Xero produces the HST return automatically at period-end.
Corporate Tax Instalments
If your corporation paid more than $3,000 in taxes in either of the two preceding tax years, the CRA may require quarterly corporate tax instalments — prepayments of the current year’s estimated tax liability. Instalments are typically due on the last day of each quarter of the fiscal year. Missing or underpaying instalments results in interest charged at the CRA prescribed rate. Your CPA should calculate instalment amounts as part of year-round tax planning to avoid both overpayment and underpayment.
Quarterly Business Review with Your CPA
A quarterly review — 30–60 minutes with your CPA — is the most efficient way to stay ahead of issues rather than react to them. Review: gross margin trend (is pricing holding?), cash flow forecast for the next 90 days, any upcoming CRA deadlines, salary/dividend optimization for the current year, and any significant business changes that affect the tax plan.
📋 Quarterly checklist: ☑ HST/GST return filed and remitted on time ☑ Corporate tax instalment paid if required ☑ Pricing reviewed against gross margin ☑ Cash flow forecast updated for next 90 days ☑ Quarterly business review with CPA completed
Annual To-Do List — By Deadline
February 28 — T4s Issued and Filed
T4 slips must be issued to all employees and filed with the CRA by the last day of February following the tax year. If your corporation paid salaries in 2025, T4s are due February 28, 2026. The T4 summary (totalling all T4s) is filed at the same time. Late T4 filing carries a penalty of $25 per day, to a maximum of $2,500 per return. Wagepoint generates and files T4s automatically at year-end for all Bronte Bay payroll clients.
March 15 — RRSP Contribution Deadline (60 Days After Dec 31)
The RRSP contribution deadline for the prior tax year is 60 days after December 31 — typically March 1 or 2 (March 3 in leap years). The 2026 RRSP limit is $32,490 or 18% of 2025 earned income, whichever is less. For incorporated business owners who pay themselves primarily through dividends, RRSP contribution room may be limited or zero — dividends do not generate RRSP room. Salary does. Your CPA should model the right salary/dividend mix annually.
April 30 — Personal Tax Return (T1) Due
The personal income tax return (T1) is due April 30 for most Canadians. If you or your spouse operates a business, the T1 deadline extends to June 15 — but any taxes owing are still due April 30. Interest begins accruing on unpaid taxes from May 1 at the CRA prescribed rate. For incorporated business owners, the T1 includes reporting on salary, dividends received from the corporation, shareholder loan repayments, and any personal investment income.
Within 2–6 Months of Fiscal Year-End — T2 Corporate Tax Return
The T2 corporate income tax return is due within six months of the corporation’s fiscal year-end. However, corporate taxes owing are due within two months (or three months for eligible CCPCs meeting the small business deduction conditions). For a December 31 fiscal year-end: taxes owing February 28 (or March 31 for eligible CCPCs), T2 filing June 30. Starting the T2 preparation early — with current, accurate books from Xero — means it is filed on time and reviewed for all available deductions and credits before submission.
Annual — Salary vs Dividend Review
Every incorporated Canadian business owner should review their salary/dividend mix with a CPA annually — because the optimal split changes as personal income levels, corporate profit, and tax rates change. The goal is to minimize the combined tax paid by the corporation and the owner personally, while maintaining adequate RRSP room, CPP contributions, and corporate retained earnings. This is one of the highest-value planning exercises available to incorporated business owners and costs very little time relative to the tax saved.
📋 Annual checklist: ☑ T4s issued to employees and filed with CRA by February 28 ☑ RRSP contribution made by March 1/2 ☑ Personal T1 filed and taxes paid by April 30 ☑ HST annual return filed if applicable ☑ T2 corporate tax return filed within six months of fiscal year-end ☑ Salary/dividend mix reviewed with CPA ☑ Shareholder loan balance reviewed — repaid or offset if needed ☑ Passive income level reviewed — $50K threshold monitored ☑ Capital assets reviewed for CCA optimization ☑ SR&ED activities documented if applicable
Key CRA Deadlines for Incorporated Canadian Businesses — 2026
| Deadline | Obligation | Penalty for Missing |
|---|---|---|
| 15th of each month | Payroll remittances (CPP, EI, income tax withheld) — regular remitters | Interest + possible director liability |
| Quarterly | HST/GST return and remittance — if quarterly filer | 3%–10% of balance + daily interest |
| Quarterly | Corporate tax instalments — if applicable | Interest at CRA prescribed rate |
| Feb 28, 2026 | T4 slips issued to employees; T4 summary filed with CRA | $25/day, max $2,500 per return |
| Mar 1/2, 2026 | RRSP contribution deadline (for 2025 tax year) | No penalty — but room is lost for the year |
| Apr 30, 2026 | Personal T1 tax return due; all taxes owing due | 5% of balance + 1%/month; interest from May 1 |
| Jun 15, 2026 | T1 extended deadline for self-employed / business operators | Taxes still due Apr 30 — only filing extended |
| Within 2–3 months | Corporate taxes owing after fiscal year-end | Interest at CRA prescribed rate from due date |
| Within 6 months | T2 corporate tax return filing after fiscal year-end | 5% of balance + 1%/month up to 12 months |
Frequently Asked Questions
Never Miss a CRA Deadline — We Track Them For You
Bronte Bay manages all recurring financial obligations for incorporated Canadian businesses — monthly Xero bookkeeping, HST tracking and filing, payroll remittances, T4s, and T2 corporate tax returns. You focus on your business; we handle the compliance calendar. Book a consultation to see how we work and what it costs.
Related reading from Bronte Bay: What Is a Balance Sheet? · Mastering Your Business Finances · Cash Flow Management for Canadian Businesses · Managing Business Debt in Canada · Monthly Bookkeeping Packages