Important tax dates ahead for companies

It’s that time of year again, when companies have to be disciplined and meet a number of important tax obligations. Doing your tax homework can save you a lot of headaches, and speed up the repayment of your tax credits.

Deadline

February 29, 2024 is a deadline that you must mark in your calendar without fail, or risk incurring significant financial penalties. By this date, you’ll need to have filed and transmitted your annual Source Deductions Return (SDR), which is essential both for Revenu Québec, with its RL-1 Summary, and for Revenue Canada, with the T4 Summary.

Companies using a payroll service will need to ensure that the latter files the provincial portion, as this is not the case for all. Some services, like Ceridian (now Dayforce), do not produce the Sommaire 1-Employeur, while others, like Desjardins, do. So it’s important to ask your payroll service about this.

The same rigor is required for the filing of GST and QST returns, as well as Corporate income tax returns.

In short, the best way to limit the possibility of a tax audit, and avoid paying penalties that can sometimes be steep, is to fulfill your tax responsibilities on time. What’s more, this will give you the valuable advantage of facilitating the processing and repayment of your tax credits.  Companies that make this deadline a priority demonstrate their commitment to responsible, far-sighted tax management, thereby promoting long-term financial stability.

Who we are

R&D Capital is the Canadian expert in the financing of research and development tax credits, e-business tax credits and multimedia tax credits. Do not hesitate to contact us. You’ll receive fast, courteous and straightforward service, and you’ll know what financing is available to you. For more information, you can reach us by e-mail at pbinette@rdcapital.ca or at (514) 798-0493, ext. 222. We look forward to helping you realize your projects and ambitions.