Back to Business: Mid-Year Tax Check-Ins, Instalments, and Corporate Deadlines

September has a way of stacking deadlines on top of each other. Between the return of school schedules, Labour Day, and the usual fall pickup in business activity, it’s easy to lose track of exactly what the CRA has planned for this stretch of the calendar, and this month, there’s more than usual.

Three things line up every fall: a personal tax instalment, a corporate filing deadline for businesses with spring year-ends, and the ongoing rhythm of payroll remittances. None of them are new, but together they’re worth a quick refresher, especially since a couple carry real penalties if they slip.

September 15: The Third Personal Instalment

If you pay income tax by instalments, September 15 is one of four fixed dates each year, along with March 15, June 15, and December 15. The CRA calculates the amount and sends you a reminder, so there’s nothing to work out yourself.

This tends to catch people whose income doesn’t have tax withheld along the way, self-employed business owners, landlords collecting rent, retirees drawing on pensions or investments, or anyone who had a larger-than-usual tax bill the last two years. If you’ve never gotten a reminder letter, it’s likely because your employer is already withholding enough at source.

What this means for you: pay it on time, through CRA My Account, online banking, or your financial institution, and that’s the whole job. Late or short payments pick up interest, and sometimes a penalty. If the amount no longer matches your income, talk to us before the next one is due.

T2 Filing: Spring Year-Ends

Corporations file within six months of their fiscal year-end. For a March 31 year-end, that’s September 30, or the next business day if it lands on a weekend or a CRA-recognized holiday.

A March 31 year-end shows up often with professional corporations and owner-managed businesses that set their fiscal year around a slower season rather than the calendar year. If that’s your corporation, September has probably been circled on your calendar since spring.

What this means for you: the tax owing was due earlier, generally two months after year-end, so if a balance is still outstanding, interest is already accruing. Reach out and we’ll confirm exactly where your corporation stands.

Payroll: Keep Remittances on Pace

If you have employees, remittances are typically due monthly, and even in a month with no pay, you still need to report a nil remittance. Fall is a common time for this to slip: students heading back to class, seasonal staff wrapping up for the year, or a new hire starting can all change how much you’re remitting and when.

What this means for you: late or missed remittances carry some of the CRA’s steepest penalties, plus daily interest. If your staffing has shifted this season, ask our team to confirm your due dates.

None of this is something to fix after the fact, the instalment amount and filing windows are fixed. Where you still have room to plan is before December 31, with a pre-year-end review of RRSPs, TFSAs, and your books. It’s a short conversation that can catch things like unused RRSP contribution room, a better split between salary and dividends, or bookkeeping gaps that would otherwise turn up as a surprise in April.

Not Sure Where You Stand? We’ve Got You.

Reach out to us at DDL & Co. in St. Catharines, and book a conversation with our team. We’ll help you sort out what applies to you, and what’s next.