T2 deadline vs. payment deadline: two dates, not one
Your corporation has two separate deadlines each year. The T2 return is due six months after your year-end, but any tax owing is due much sooner: two or three months after your year-end. Many owners only remember the first one, and pay interest because of it.
Deadline 1: filing the T2 return
CRA's rule is simple: "File your return within six months of the end of each tax year." When your year-end is the last day of a month, the return is due on the last day of the sixth month after it. (CRA: When to file your T2)
If the due date lands on a weekend or a public holiday CRA recognizes, your return is on time if CRA receives it by the next business day. (same source)
Deadline 2: paying the balance owing
The date your tax must be paid is called the balance-due day. For most corporations it is two months after year-end. (CRA: Balance-due day)
Small corporations often get three months instead. You qualify when all of these are true (same source):
- The corporation was a Canadian-controlled private corporation (CCPC) for the whole year
- It claimed the small business deduction this year or last year
- Its taxable income last year was not more than its business limit (for associated corporations, their combined taxable income was within their combined business limits)
The dates for common year-ends
| Year-end | Tax owing due (3 months, small CCPC) | Tax owing due (2 months, everyone else) | T2 return due |
|---|---|---|---|
| December 31, 2026 | March 31, 2027 | February 28, 2027 | June 30, 2027 |
| March 31, 2027 | June 30, 2027 | May 31, 2027 | September 30, 2027 |
| June 30, 2027 | September 30, 2027 | August 31, 2027 | December 31, 2027 |
| August 31, 2027 | November 30, 2027 | October 31, 2027 | February 29, 2028 |
Dates calculated from the CRA rules above; weekend and holiday shifts not shown. CRA's own example: an August 31 year-end files by the last day of February. (CRA)
Example
Maple Tile Ltd. has a December 31, 2026 year-end and is a small CCPC. It owes $8,000 of tax for 2026. It must pay the $8,000 by March 31, 2027, even though the T2 itself isn't due until June 30, 2027. Waiting until June to file is fine; waiting until June to pay is not.
The practical takeaway
Get your books closed early enough to know what you owe before the payment deadline. If you file with us, the summary page of your return shows both dates and the exact amount to pay.
More on instalments: CRA instalment due dates.
FAQ
Does every corporation have to file a T2, even with no income?
Yes, with a few exceptions such as registered charities. See our article on nil returns.
What if I miss the filing deadline?
CRA charges a late-filing penalty of 5% of the tax unpaid on the due date, plus 1% per full month late, up to 12 months.
Do I have to pay instalments too?
Some corporations do. CRA's instalment due dates page explains who.