Running a law firm in Ontario includes keeping up with important deadlines set by the Law Society of Ontario (LSO) and the CRA. As the new year begins, it's helpful to be reminded of the various filing deadlines that lay ahead so you can have Key LSO and CRA Filing Dates for 2024 marked in your calendar. This guide highlights essential 2024 deadlines, that will help your firm stay proactive and compliant.
Key LSO and CRA Filing Dates for 2024
January 15, 2024 (every month)
Payroll/Source Deductions:
When you pay employees, you must take source deductions from each payment and remit them to the CRA. Most remitters are "regular remitters" which means they are on a monthly remittance frequency. As a monthly remitter, the due date is the 15th of every month.
o Therefore, all deductions from December 2023 need to be remitted by January 15, 2024.
Note: Understanding the payroll deduction method is crucial here, as it involves calculating and remitting the correct amounts for CPP, EI, and income tax.
January 25, 2024 (every month)
Trust Reconciliations:
Subsections 18(8) and 22(2) of By-Law 9 require that the reconciliations and comparisons of all your firm's trust accounts be prepared monthly and completed within 25 days of the end of the period covered by the financial institution's monthly statement.
This means your December 2023 reconciliations must be completed by January 25, 2024.
NOTE: You must reconcile each trust bank account, including interest-bearing accounts, GICs and term deposits every month, even if you did not have any trust activity for a particular month.
January 31, 2024 (every month)
Monthly HST Filers:
For monthly HST filers, the deadline to file is the last day of the month following the reporting period.
For instance, the filing deadline for December 2023 is January 31, 2024.
NOTE: If you make more than $30,000 in one quarter or over four quarters in a row, you must start charging GST/HST.
February 29, 2024
T4 Issuance:
Law firms must ensure the distribution of T4 and T4A slips, along with the filing of T4 and T4A returns, is executed on or before the last day of February following the calendar year to which the slips relate.
This means that firms must provide their employees with 2023 T4s and submit them for filing no later than February 29, 2024.
March 31, 2024
LSO Member's Annual Report:
Under By-Law 8, Part II all licensees must file an Annual Report Filing with the Law Society by March 31 each year. All licensees, regardless of licence type, must submit an Annual Report Filing to maintain their licence, unless expressly exempted on application to the Law Society.
Therefore, your 2023 Annual Report is due by March 31, 2024.
Note: It is advisable to include your bookkeeper when completing the financial reporting segment of the report.
April 30, 2024 (every quarter)
Transaction Levy Filing:
The real estate and civil litigation transaction levy surcharges payable by a lawyer shall be accumulated and paid quarterly.
For Q1 (January – March) the deadline is April 30th.
April 30, 2024 (every quarter)
Quarterly HST Filers:
Firms registered for quarterly HST, the HST filing shall be accumulated and paid within thirty days of the quarterly period ending.
For Q1 (January – March) the deadline is April 30th.
April 30, 2024
Transaction Levy Filing (Exemptions):
Lawyers who will not practice civil litigation or real estate this year and wish to be exempt from quarterly filings must submit their annual exemption forms.
Submit your exemption by April 30, 2024, to exempt this year’s remaining quarters.
Note: By April 30, you should have completed the filing for either your first quarter or your annual exemption.
April 30, 2024
Annual HST Filers (with a December 31 fiscal year-end) – payment deadline:
For firms registered as annual HST filers, with a fiscal year-end of December 31, the payment deadline is April 30 of the following year.
This year, the payment deadline for 2023 is April 30, 2024.
June 15, 2024
Annual HST Filers (with a December 31 fiscal year-end) – filing deadline:
Annual HST filers with a fiscal year-end of December 31 have a filing deadline of June 15 of the following year.
In this instance, your HST filing should be completed by June 15, 2024.
Note: It's important to note that while the HST payment is due on April 30th (as noted above), the actual filing deadline extends to June 15th.
July 31, 2024 (every quarter)
Transaction Levy Filing:
For Q2 (April – June) the deadline is July 31.
July 31, 2024 (every quarter)
Quarterly HST Filers:
For Q2 (April – June) the deadline is July 31.
October 31, 2024 (every quarter)
Transaction Levy Filing:
For Q3 (July – September) the deadline is October 31.
October 31, 2024 (every quarter)
Quarterly HST Filers:
For Q3 (July – September) the deadline is October 31.
Reporting for non-calendar fiscal year-end
Annual HST Filers (with a non-December 31 fiscal year-end):
The specific date for this type of filer depends on your fiscal year-end. The payment and filing deadlines both occur three months following the conclusion of the fiscal year.
For instance, if the fiscal year ends on April 30, 2024, the filing date is July 31, 2024.
Corporate Tax Filing (with or without a non-December 31 fiscal year-end):
Corporate entities must file tax returns within six months of their fiscal year's end. For example, a fiscal year ending on December 31 requires filing by June 30 of the following year. The same six-month timeframe applies if the fiscal year does not align with the calendar yearend.
For instance, if the fiscal year ends on April 30, 2024, the filing date is October 31, 2024.
The start of the year is a busy time in legal accounting, highlighting the importance of being reminded of these deadlines at this time of the year. However, remember that while the provided list is a helpful guide, it's not exhaustive. Primarily, the deadlines in this article are the ones that necessitate close collaboration with your bookkeeper.
Furthermore, while efforts have been made to provide accurate deadlines, it is essential to stay informed and verify dates with relevant sources for the most up-to-date information. It's important to recognize that circumstances may change, potentially impacting these timelines. Staying informed throughout the year is recommended.
To learn more or for additional details, please refer to the following resources:
Payroll/Source Deductions: https://t.ly/yTNT9
HST information: https://t.ly/6HYY8 or https://t.ly/A6391
Transaction Levies: https://www.lawpro.ca/your-policy/key-dates/
Annual Report Filing: https://portal.lso.ca
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Keith Hill Jr. is the Principal at Bookkeeping Matters Inc (BMI). For over a decade, Bookkeeping Matters has been fulfilling bookkeeping needs for lawyers throughout Ontario and other provinces. As a former Legal Accounting professor, Keith has also positioned BMI as a premier provider of online legal accounting training. Specializing in several practice management software, Keith and his team can be contacted at: info@bookkeepingmatters.ca / 1-800-893-2820 / www.BookkeepingMatters.ca
©2024 Bookkeeping Matters Inc. All rights reserved. Reproduction with credit is permitted.
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