Bob GauvreauAsk Bob Gauvreau Questions Based On His Training

Important Tax Deadlines You Can’t Afford to Miss! #shorts

1 Apr 2025 · 1 min

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1:25

Bob Gauvreau walks through tax deadlines for corporations and sole proprietors in Canada and the US. Canadian corporations get six months to file but must pay within 90 days. US sole proprietors pay April 15, but can file by October 15 with an extension.

Questions this video answers

90 days after fiscal year end.

Six months after fiscal year end.

Common default is December 31; a Canadian corporation can choose any month-end as its fiscal year end.

Taxes due April 30; filing deadline June 15.

Taxes due April 15; filing can be extended to October 15 (with payment still due April 15).

Chapters

One of the best ways to make sure we're minimizing tax all across the board is to be familiar with what our tax filing obligations are. So there's quite a few. Right. If you're a corporation and you're a business, you've got a separate legal filing and you have a year end date. Typically we get December 31st, but if you're Canadian business, you can actually opt into any month end of the year, which is amazing. So you have flexibility on when you get to choose your year end date. When you choose your year end date. As a corporation, we essentially have 90 days to pay that balance. 90 days to pay the balance, but six months to file the tax return. I know it's not intuitive, it doesn't make sense, but this is why the government enforces us to pay installments along the way. They want you to be paid up by 90 days after your fiscal year end date, even though our filing requirements aren't until six months after. If you are a sole proprietorship, especially in Canada, you're focused on an April 30 payment deadline. If you owe taxes, your money is due to them. April 30th, they give you until June 15th to file your taxes, but if you owe the Money, it's due April 30th. In the US it's actually April 15th. So, same thing. You can file an extension in the US you can file all the way up till October 15, but your taxes are due April 15. You have to make sure that they're paid up.