ODSP Corporate Tax Deadline 2022

The Canada Revenue Agency is in charge of corporate tax regulation at the federal level.

Provinces administer their own tax systems and set general corporate tax rates that apply to both large and small business corporations, regardless of size.

The general corporate tax is levied on the earnings of all business corporations, large and small, after deducting general tax reductions. And these rates have fluctuated over the years.

The Canadian government introduced many reforms in its corporate tax system to facilitate the business community due to COVID 19. 

Big corporations paid a 28% general corporate tax rate in 2019, while small businesses paid an 8.5% rate in 2019. Since the beginning of the year 2020, the same has been reduced to 10% of the total. Moreover, on January 1, 2022, the rate was further reduced to 8%.

Corporate Tax Canada's 2024 deadline:

Normally, the deadline for filing personal income tax returns in Canada is April 30th of every year. However, if the deadline falls on a weekend or statutory holiday, the deadline is extended to the next working day. In 2024, the deadline for filing personal income tax returns is April 30th.

Here are the deadlines for filing personal income tax returns in Canada for 2024:

Type of ReturnDeadline
Personal income tax return (T1)April 30, 2024
Extended personal income tax return (T1)June 15, 2024

You should file your tax return on time to avoid penalties and to get a tax refund on time. The delay can affect or delay your government benefits.

You should file your tax return on time to avoid penalties and to get a tax refund on time. The delay can affect or delay your government benefits.

Who Will File Corporate Tax Returns?

All corporations located in Canada (except those exempted) are bound to file corporate income tax returns on T-2 form every year, even if there is no tax on them. The organisations are:

  • Non-profit organisations
  • In-active corporations
  • Tax-exempted organisations

How to File Corporate Tax Returns:

Many corporations can use the internet to file their tax returns electronically, and it is mandatory for those corporations whose gross revenue during the year is more than $1 million.

The non-resident corporation will file their tax return on the T-2 form in various situations. The following categories are included:

  • It runs its business in Canada.
  • It has disposed of Canadian taxable property during the year.
  • It realised a taxable capital gain.

Corporations will file tax returns even if the profit or gain is exempt from the corporate income tax due to certain tax treaties.

Those exempt from filing a return include:

Non-resident corporations having profits or capital gains are exempt from filing tax returns if:

  • There is no liability for tax on the corporation under Part 1 of the tax year.
  • No tax is due on the corporation for any preceding tax year.
  • The property being disposed of is an excluded property under Section 116 or a certificate issued under Section 116.

The non-resident corporations will file the tax return in the event:

  • The corporation wants to apply for a refund.
  • The corporation wants to pay Part 1 tax on the income of timber royalty or rental income under Subsection 216(1) of the fiscal year.
  • It selects to pay Part 1 of tax on "acting services income" under Subsection 216(1) of the taxable year.

Important Note:

Non-resident corporations must file their T-2 return, schedules, and a general index of financial information in Canadian currency. They are not allowed to file in the functional currency as per section 261.

What is ODSP?

ODSP stands for "Ontario Disability Support Program." This is a social assistance programme that supports the income and employment of disabled people residing in Ontario.

A disabled person qualifying for employment support is not eligible for income support.

What is ODSP Income Support?

It supports disabled people financially to meet their food needs, their medical needs, and their vision problems.

Before applying for ODSP support, you should look for other sources, like:

  • Earn money from employment.
  • The Workplace Security and Insurance Board (WSIB)
  • The Canadian Pension Plan Disability Benefit (CPP-D)

It means that the ODSP scheme is your last resort, but if you do not get benefits from the above, you should apply for the ODSP scheme.

Who Qualifies for the ODSP Scheme:

You are eligible for this scheme if:

  • You live in Ontario.
  • You are at least 18 years old.
  • You are disabled as defined by the ODSP Act.
  • You need financial help.

To establish your disability under the ODSP Act, you will go through some steps.

The ODSP disability refers to a person disabled physically or mentally, and this disability is recurrent and continuous and expected to continue for a year or more.

Further, the disability may hamper the disabled person from:

  • Take care of himself or herself.
  • Performing any task
  • Participate in community life.

A healthcare professional will verify the disability, its duration, and its intensity.

How You Can Apply for ODSP Income Support:

Call or visit your local ODSP office.

You can apply online by visiting ontario.ca/socialassistance.

Even in the case of an online application, you need to come to the ODSP office to discuss your case with a co-worker. And, by applying online, you can assess your eligibility for the programme and also sort out other similar programmes.

Written By:
Salman Rundhawa
Salman Rundhawa is the founder of Filing Taxes. Salman provides valuable tax planning, accounting, and income tax preparation services in Toronto, Mississauga, Oakville, and Hamilton.

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