Be That Business Newsletter May 30th 2025: Prep your May Business Calendar! Plus 3 Fabulous Business Resources!

Hello!
Welcome to May 30th 2025! In this Newsletter:

• What’s due at the end of May?
• My Three Favorite Resources for June!
• What due dates are coming up in June?
  
  

What’s Due End of May?

• If your business is incorporated, and owed corporate Income Tax for the previous fiscal year, then the business is required to pay installments for next year on the last day of every month. May 31st is the due date for the ​May Corporate Tax Instalment​. (Monday June 2nd in 2025, as the 31st falls on a ​Saturday​)
  
  
  
• ​Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, April's GST/HST filing and remittance is due on May 31st. If your Sales Tax quarterly filing is on a different schedule because of a corporate fiscal year end date that is not standard, the GST/HST for a quarter February to April would be due May 31st. Also, if your Corporate Fiscal Year End is November, your Corporate Tax Return is due 6 months after your Fiscal Year end (in May). If your Corporate Year End is March, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of May or end of June, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more ​here​.
  
  
  

My Three Favorite Resources for June!

1. CRA's Quick Reference on Business Deadlines - Businesses have different filing and payment deadlines – in May, CRA put out a​ quick reference​ to help you stay organized!
   
   
   
2. Tax Debt Options with CRA - CRA also put out in May a "Tax Tips" post on how you can ​work with CRA to resolve your debt​. This is applicable for both personal and business taxes. If you don't pay or call to discuss your situation, the CRA can take steps to recover the amount you owe, so talking with them is always the best option.
   
   
   
3. Accounting Processes and Workflows: Financial Cents has come out with a free course by the legendary Work Flow Queen ​Kellie Parks​ "​Setting Up Accounting Processes and Workflows​". Written for the bookkeeping firm audience, it has practical suggestions and workflows that can be applied to many situations from office managers to new bookkeeping service providers.
   
   
   

What Resources have you found that have helped you start, run, or grow your business? Feature it (and a callout to your business!) in our next Resources Newsletter!

What due dates are coming up in June?
Now’s the time to prep your June Calendar! #BeThatBusiness that is organized! Here are some June due dates that might affect your business: (Note, June 15th falls on a Sunday. So any ​CRA June 15th due date is actually June 16th in 2025​)

• If your business has employees, and is a ​Regular Remitter​, June 15th is the due date for your ​payroll source deductions​ relating to May's payroll. (In 2025, June 15th is a Sunday, so technically due June 16th this year). ​
  
  
  
• If your business has employees, then you likely are registered for provincial Workplace Insurance (WSIB/WCB). WCB in some provinces is due monthly, and on the 15th. (In Ontario, WSIB is due quarterly, and the premiums on earnings from April to June are due on July 31st)
  
  
  
• Even though the ​payment deadline​ for your personal income taxes was April 30th, if you are self-employed, your​ personal income tax return​ is due to be filed June 15th. (In 2025, June 15th is a Sunday, so technically due June 16th this year).
  
  
  
• If your ​GST/HST Filing is annual​, and based on the Calendar Year January to December, AND you are a self-employed, then your due date to file your HST is June 15th. BUT! Your due date to PAY was April 30th
  
  
  
• If you were ​payable by $3,000 or more​ on your personal income taxes for 2023 and also for 2024, CRA requires that you pay installments on your 2025 income taxes. If you fall into this category, June 15th your second ​personal income tax installment​ is due. ​
  
  
  
• The ​Corporate Tax Return (the T2)​, is due six months after the fiscal year end. If your fiscal year end is the calendar Dec 31st, then the corporations' tax return is due June 30th. But these take time to prepare. If you haven't reached out to your accountant yet, then make this a priority right away.
  
  
  
• If your business is involved in construction activities and makes payments to subcontractors for construction services, you will need to file ​T5018s, "Statement of Contract Payments"​ for each of your contractors each year. You can report the payments on a calendar year basis, or based on your fiscal year end. These are due six months after the reporting period you have chosen, either your fiscal year end, or the calendar year end. If that period ends Dec 31st, then the 2024 T5018's would be due June 30th 2025.
  
  
  
• If your business is incorporated, and owed corporate Income Tax for the previous fiscal year, then you are required to pay installments for next year on the last day of every month. June 30th is the due date for the ​June Corporate Tax Installment​.
  
  
  
• ​Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, May's GST/HST filing and remittance is due on June 30th. If your Sales Tax quarterly filing is on a different schedule because of a corporate fiscal year end date that is not standard, the GST/HST for a quarter March to May would be due June 30th. Also, if your Corporate Fiscal Year End is December, your Corporate Tax Return is due 6 months after your Fiscal Year end (June 30th). If your Corporate Year End is April, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of June or end of July, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more ​here​.
  
  
  
  

Be Intentional Today!
Get out there, and Be That Business That Thrives!
​Naomi Wilkins
​Making Business Make Sense
​www.naomiwilkins.ca
​Disclaimer: This Newsletter is intended to inform readers in general terms. It is not intended to provide any tax or business advice. Please consult your accountant if you have any questions about your unique situation. While we have tried to ensure the accuracy of the information in this article, we accept no liability for errors or omissions.