Tax Insights: 2024 Annual tax filing and remittance deadlines for corporations
January 29, 2024
Issue 2024-03
In brief
Canadian corporations are required to file annual income and capital tax returns (due six months1 following each taxation year‑end), and to meet several other Canadian annual filing and remittance deadlines. This Tax Insights outlines some of the more common compliance requirements to be considered at this time of year. Others also may apply (e.g. T4A information return to report certain benefits to shareholders).
Failure to meet these requirements may result in the assessment of penalties and/or interest for non‑compliance, late filing or late remittance. A waiver may be obtained in certain circumstances.
Some of the compliance requirements discussed below also apply to individuals, trusts and partnerships. Key filing deadlines for corporations, as well as for individuals, trusts and partnerships, are summarized in Tax Facts and Figures 2023, available at www.pwc.com/ca/taxfacts (page 38). Deadlines falling on holidays or weekends may be extended to the next business day.
In detail
Calendar-year deadlines
T42 – Statement of Remuneration Paid – Employers are required to file a T4 information return (T4 Summary and T4 Slips) to report remuneration paid. The 2023 return must be filed on or before February 29, 2024.
T52 – Return of Investment Income – The T5 return (T5 Summary and T5 Slips) reports various types of investment income (e.g. dividends and interest) paid to residents of Canada, including corporations. The 2023 return is due for filing on or before February 29, 2024.
NR4 – Statement of Amounts Paid or Credited to Non-Residents of Canada – The NR4 return (NR4 Summary and NR4 Slips) reports amounts paid or credited to non‑residents that are subject to Canadian withholding tax (e.g. royalties, dividends, interest, management fees). Certain amounts paid or credited to non‑residents must be reported in the NR4 return even if they are exempt from non‑resident withholding tax (e.g. certain royalty payments may be exempt pursuant to a tax treaty). The filing due date for the 2023 return is March 31, 2024.
Taxation-year deadlines
Final payments of income and capital taxes – Final payments of corporate income and capital taxes (both federal and provincial1) are required within two months of each taxation year end (a Canadian‑Controlled Private Corporation may qualify for a three‑month final payment due date). For a corporation that does not qualify for the three‑month due date and that has a December 31, 2023 year end, the final payment due date is February 29, 2024.
T1134 – Foreign affiliate reporting – Canadian corporations with foreign affiliates must file a T1134 Information Return (T1134 Summary and T1134 Supplements) annually. A separate supplement must be filed for each controlled and non‑controlled foreign affiliate (except for foreign affiliates that meet certain exemption criteria). The return is due 10 months following a corporation’s year end, therefore, for a December 31, 2023 year end, the return must be filed by October 31, 2024.
T661 – Scientific Research and Experimental Development (SR&ED) Claim – SR&ED tax credits are claimed on a taxation year basis; a corporation has 18 months from the end of a taxation year to file its claim for that particular year. Extensions are not allowed, and if a corporation is late in filing or submits an incomplete claim, the claim for SR&ED tax credits will be denied.
Filing at least three months before the 18-month deadline is recommended to allow time to provide the Canada Revenue Agency with any requested additional information before this deadline. Corporations with a December 31, 2022 year end have until June 30, 2024 to file an SR&ED claim for that year.
For a partnership, the SR&ED claim (Form T661) should be filed with the partnership information return no later than 12 months after the earliest of all filing due‑dates for the return of income of the members for the tax years in which the partnership’s fiscal period ends. Investment tax credits allocated to corporations by the partnership must be supported by a partnership information slip (T5013). The T5013 must be filed on time and can be amended to include the T661 information.
T106 – Information Return of Non-Arm’s Length Transactions with Non-Residents – Canadian corporations must file a T106 Information Return annually to report transactions with non‑arm’s length non‑residents. The T106 Return must be filed by June 30, 2024, for a corporation’s December 31, 2023 year end.
T1135 – Foreign Income Verification Statement – Form T1135 must be filed for each taxation year during which a Canadian taxpayer held “specified foreign property” with a cost of more than $100,000 at any time in the year. Specified foreign property may include foreign bank accounts and investments, indebtedness receivable from non‑residents and other property held outside Canada. If the total cost of the taxpayer’s specified foreign property is less than $250,000 throughout the taxation year, the taxpayer can report the property using the streamlined information reporting requirements on Form T1135. The form must be filed within six months of a corporation’s taxation year end: June 30, 2024, for a December 31, 2023 year end.
RC4649 – Country-by-Country Report (CbCR) – A multinational enterprise (MNE) group that had total consolidated group revenue of €750 million or more (approximately CA$1 billion) in the prior fiscal year must file a CbCR. The CbCR must generally be filed within 12 months after the last day of the “Reporting Fiscal Year” of the MNE group (i.e. December 31, 2024, for an MNE’s December 31, 2023 fiscal year end).
RC3133 – Reportable Uncertain Tax Treatments Information Return – For taxation years beginning after 2022, a corporation with assets of at least $50 million at the end of its taxation year is required to file a prescribed information return to disclose any reportable uncertain tax treatments that are reflected in its audited financial statements (or those of a group of which it is a member) that are prepared in accordance with International Financial Reporting Standards or other country-specific generally accepted accounting principles relevant for corporations that are listed on a stock exchange outside Canada. This new filing obligation was implemented as part of several enhancements3 made to Canada’s mandatory disclosure rules (MDR).4 The information return must be filed by June 30, 2024, for a corporation’s December 31, 2023 year end.
1. However, the financial institution capital tax filing and payment deadline for Saskatchewan is the last day of the sixth month after the year end (e.g. June 30, 2024 for a December 15, 2023 year end). The payment deadline for Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island financial institutions capital tax purposes is six months after the corporation’s year end.
2. Quebec’s equivalent forms are relevé 1 (T4) and relevé 3 (T5).
3. For more information on these enhancements, see our Tax Insights “Mandatory disclosure rules: Taxpayers, advisers and promoters need to prepare.”
4. The enhanced MDR also require taxpayers, advisers and promoters to file a prescribed information return (RC312) to disclose:
- reportable transactions (effective June 22, 2023 for the enhanced rules)
- a transaction or series of transactions that is the same as, or substantially similar to, a designated notifiable transaction or series of transactions, effective November 1, 2023
The information return must be filed within 90 days of the earlier of: (i) entering into the relevant transaction, or (ii) becoming contractually obligated to enter into the transaction. The Canada Revenue Agency only designated its first set of notifiable transactions on November 1, 2023, so the earliest filing due date to report notifiable transactions would be January 30, 2024. For more information, see our Tax Insights “Canada Revenue Agency officially designates first notifiable transactions.”
