Paying monthly corporate tax instalments online through bank - What is the PERIOD ENDING date?

Are you paying the monthly installments? If yes, use the end of the month for the period you are paying for (e.g 2020 Dec 31 for the month of December)

notenoughsleep wrote: ↑ Are you paying the monthly installments? If yes, use the end of the month for the period you are paying for (e.g 2020 Dec 31 for the month of December)

I called my bank, and the phone rep at RBC for the tax filing service told me the same thing as you just did, but somehow that doesn't seem correct. I was just now checking My Business account at CRA and I came across this in the View and pay account balance section.

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For example, for the interim balance section, I can make pre-payments toward a specific "period-end", but when I click on the drop down list, the only possible date listed there is 2021-07-31, which is the end of my fiscal year.

And then below that there are "Period-end balances" which again are the ends of my previous fiscal years. So I am thinking I was right before that the "Period ending" date we're supposed to enter for the online tax filing service is the end of the fiscal year.

Anyhow I fired off an email to my accountant about this but I don't know if he'll get around to answering quickly since it's a busy time of the year.

The period ending date is the last day of the fiscal year that you are making GST payments for. This is the same whether you're doing an interim payment / prepayment, or amount owed (i.e. already received a Notice of Assessment)

Your fiscal year seems to end in July of every year. So that means that December just now should have been ~Q2 of GST for you.
When you make this payment (looks like you're doing annual instead of quarterly reporting - not to be confused with instalment requirements) - your period end is 2021-07-31.

However, this is mostly based on my interpretation of what you've mentioned so far, so there's always a chance that I'm wrong. (Worst case you could call CRA to have them move the payment to the appropriate period)

If, by chance, you end up screwing up the period the payment is posted in, my understanding is that if you call CRA, they will fix it for you and the payment will still be honoured based on the date you MADE the payment.

It has happened to me several times in the past that the payment got posted to the wrong period (bank error?) but CRA took care of it, no problem.