Corporate Tax Returns
Organized T2 corporation income tax return preparation for incorporated businesses.
Get Help Preparing Your Corporate Income Tax Return
Incorporated businesses have tax filing requirements that are separate from the personal returns of their owners. Preparing a corporate tax return involves reviewing the corporation’s financial records, reporting its income and expenses, completing the applicable schedules, and confirming the filing and payment deadlines connected to its fiscal year-end.
Kara Van Slyke Accounting provides corporate tax return preparation for incorporated businesses that want a clear, organized filing process. Kara reviews the records you provide, identifies missing information, and prepares the corporation’s T2 return based on the details of the file.
Corporate tax return preparation starts at $1,750. If the corporation’s books need to be organized or corrected before the return can be prepared, bookkeeping add-ons are available starting at $500. Ongoing support is also available through monthly bookkeeping services.
Corporate Tax Preparation for a Range of Incorporated Businesses
Corporate tax return preparation is available for incorporated businesses with different structures, activities, and stages of growth.
Canadian-Controlled Private Corporations
T2 return preparation for eligible Canadian-controlled private corporations operating in Ontario.
Professional Corporations
Corporate filing support for incorporated professionals with business income, expenses, and year-end records.
Incorporated Consultants and Contractors
Tax return preparation for consultants, contractors, and service providers operating through a corporation.
Trades and Service Corporations
Corporate tax support for incorporated trades, technicians, contractors, and local service businesses.
Holding and Investment Corporations
Tax return preparation for corporations with holding or investment activities, depending on the records and complexity involved.
New, Growing, and Inactive Corporations
Filing support for newer corporations, growing businesses, and inactive corporations that still have annual T2 filing requirements.
What Is Included in Corporate Tax Return Preparation?
The work required will depend on the corporation’s activities, financial records, ownership, assets, and applicable tax schedules. Kara reviews the information provided and prepares the return based on the details of the corporation’s file.
The CRA provides official information about the T2 Corporation Income Tax Return, including filing requirements and deadlines.
- Review of the corporate financial records and supporting documents you provide
- Preparation of the T2 Corporation Income Tax Return
- Completion of applicable federal and provincial tax schedules
- Reporting of corporate income, expenses, assets, and other relevant amounts
- Identification of missing information required to complete the return
- Review of shareholder loan and related-party information provided
- Electronic submission of the completed return, when applicable
- Guidance on filing deadlines, balances owing, and retaining corporate records
Documents to Gather for Your Corporate Tax Return
The documents required will depend on the corporation’s activities, accounting records, ownership, assets, payroll, and tax accounts. Kara will confirm what is needed after reviewing the general details of the file.
Corporate and Registration Information
These may include:
- Corporation name and business number
- Articles of incorporation and corporate details
- Fiscal year-end date
- Shareholder, director, and ownership information
- Prior-year T2 returns and notices of assessment
- CRA correspondence and account statements
Financial Statements and Accounting Records
Depending on the corporation, these may include:
- Year-end trial balance and general ledger
- Income statement and balance sheet
- Corporate bank and credit card statements
- Accounts receivable and accounts payable details
- Inventory records, when applicable
- Sales invoices, expense receipts, and supplier invoices
- Year-end adjusting entries or working papers
Tax, Payroll, and Asset Records
You may also need:
- GST/HST returns and account information
- Payroll summaries and T4/T5 information
- Asset purchases and disposal records
- Vehicle and travel records
- Shareholder loan account details
- Investment income and tax slips
- Details of dividends, management fees, or related-party transactions
Complete and organized records help support the amounts reported on the corporation’s return. If the books are incomplete or require corrections, additional support may be available through monthly bookkeeping or a year-end bookkeeping add-on. The CRA also provides guidance about keeping business records.
When Is a Corporate Tax Return Due?
A corporation generally has to file its T2 corporation income tax return within six months of the end of its tax year. The corporation’s balance owing is generally due within two months of the tax year-end, although certain eligible corporations may have three months to pay.
Corporate tax instalments may also be required during the year. Filing and payment deadlines are separate, so a corporation may have to pay its balance before the T2 return itself is due. Review the CRA’s current guidance on when to file a corporation income tax return and the applicable balance-due day.
Important Deadlines to Remember
T2 Filing Deadline
Within six months of tax year-end
Balance-Owing Deadline
Generally within two months, or three months in some cases
Corporate Tax Instalments
Monthly or quarterly payments may apply
Need Help with Your Corporate Tax Return?
Book a meeting with Kara to discuss your corporation, the records you have available, and the next steps for preparing its T2 return.
How the Corporate Tax Filing Process Works
Kara keeps the process organized from the initial conversation through the completion of the corporation’s return.
1
Book a Meeting
Contact Kara or book a meeting to discuss the corporation, its fiscal year-end, filing needs, and the condition of its records.
2
Gather the Corporate Records
Kara will let you know which financial statements, tax records, corporate details, and supporting documents are needed.
3
Upload Your Information
Submit the requested records securely. Existing clients can use the client portal.
4
Kara Prepares the T2 Return
Kara reviews the records, follows up about missing details, and prepares the corporation’s income tax return.
Questions About Corporate Tax Returns
Here are answers to common questions about T2 filing, corporate records, pricing, bookkeeping, and deadlines.
How much does a corporate tax return cost?
Corporate tax return preparation starts at $1,750. If bookkeeping or year-end record organization is required before the return can be prepared, bookkeeping add-ons are available starting at $500. Final pricing depends on the complexity and condition of the corporation’s records.
Who has to file a T2 corporation income tax return?
Most resident corporations must file a T2 return for every tax year, even when there is no tax payable. This generally includes inactive corporations. Some exceptions apply, so the filing requirement should be confirmed based on the corporation’s circumstances.
Is a corporate tax return separate from the owner’s personal tax return?
Yes. A corporation is a separate taxpayer and files its own T2 corporation income tax return. Shareholders and directors may also have personal filing requirements for salary, dividends, benefits, or other amounts received from the corporation. Sole proprietors who are not incorporated generally report business income through a small business tax return instead.
What records are needed for a corporate tax return?
Common records include financial statements, a year-end trial balance, the general ledger, bank and credit card statements, sales and expense records, asset details, shareholder loan information, GST/HST and payroll records, prior-year T2 returns, and CRA correspondence. The exact requirements depend on the corporation.
Can Kara help if the corporation’s books are incomplete?
Additional bookkeeping or year-end record organization may be available when the books need to be completed or corrected before the T2 return can be prepared. Bookkeeping add-ons start at $500, depending on the amount of work required. Ongoing support is also available through monthly bookkeeping services.
When is a corporate tax return due?
A corporation generally has to file its T2 return within six months of its tax year-end. Any balance owing is generally due within two months of year-end, although certain eligible corporations may have three months. Filing and payment deadlines are separate.
Does an inactive corporation still have to file a tax return?
Most resident corporations must file a T2 return for every tax year even if they were inactive or had no tax payable. The CRA lists limited exceptions, so the corporation’s specific filing requirement should be confirmed.
Ready to Get Started?
Book a meeting with Kara to discuss your corporate tax filing needs, the records you have available, and the next steps for preparing the T2 return.