CORPORATE TAX INFO

Please bring the following:

New Corporation Checklist

  • Minutes book (if available)
  • Business Number (BN)
  • PST and WCB numbers (if registered)
  • Previous accountant’s contact details
  • Most recent corporate financial statements and tax returns (if applicable)

To make record-keeping easier, Balance Tax Accounting recommends organizing your documents into the following categories: 

  • Bank statements, deposit books, and payroll summaries
  • Payments made by company cheque
  • Payments made by company debit card
  • Payments made by company credit card (include statements)
  • Owner/shareholder payments (T4, T5, RRSP receipts, donations, medical, etc.)
  • Any additional documents you are unsure about — bring them
Within six months of your company’s fiscal year-end, a Corporate Income Tax Return must be prepared and filed.

CORPORATE DEADLINES

  • Company Fiscal Year-End: Can be set at any time during the year
  • Corporate Income Tax Payment: Due 3 months after fiscal year-end
  • Corporate Tax Return Filing: Due 6 months after fiscal year-end
  • Personal Income Tax Deadline: April 30
  • Payroll Remittances: Due by the 15th of the following month
  • GST/HST Returns: Filed annually or quarterly
  • T4 Slips and Summary: Must be prepared and filed by February 28
Missing deadlines may result in penalties and interest.

GST

  • GST registration is required once your company exceeds $30,000 in taxable revenue.
  • Even if working with foreign clients, GST registration may still apply depending on circumstances.
  • Your GST number must appear on invoices.
  • GST collected is not income — it must be remitted to the CRA.
  • Most self-employed individuals file GST annually; corporations often file quarterly.

If you are unsure whether you should register or how frequently to file, contact Balance Tax Accounting for guidance.

WORKSAFE BC

  • Many businesses operating in British Columbia must register with WorkSafeBC.
  • This program provides wage-loss benefits, medical coverage, and rehabilitation support for injured workers.
  • Sole shareholders without employees may qualify for optional coverage or exemptions.
  • Corporations with employees or subcontractors typically require registration.
WorkSafeBC compliance is important — penalties can apply for non-registration.

PST

  • British Columbia applies Provincial Sales Tax (PST) to certain goods and services.
  • Registration may be required depending on your business activities.
  • Some industries are required to collect PST even if revenue thresholds are low.
  • If renting equipment or selling taxable goods within BC, PST registration may apply.
Consult Balance Tax Accounting if you are unsure whether PST applies to your business.

PAYROLL

  • Paying yourself through your corporation (salary or dividends) requires careful tax planning.
  • Salary payments require payroll account registration and monthly remittances to the CRA.
  • Payroll deductions must be remitted on time to avoid penalties.
  • Dividend payments require proper corporate documentation and reporting.
Balance Tax Accounting can help determine the most tax-efficient compensation structure and ensure compliance with CRA requirements.