T2 corporate returns and financial statements

Compliance handled, tax minimised, and owner compensation structured deliberately rather than by accident.

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T2 filing deadline: 6 months
Federal CCPC rate: 9%
Ontario small business rate: 3.2%
Ontario general rate: 11.5%

Overview

Corporate Tax Return, done properly

A corporation is a separate taxpayer with its own filing obligations, and the CRA does not care whether it traded this year. Dormant corporations, holding companies and non-profits all owe a return.

Beyond compliance, the corporate return is where the real planning happens: how much comes out as salary, how much as dividends, when to defer, and whether the structure you set up two years ago still fits the business you have now.

Worth knowing

Dormant does not mean exempt

One of the most common and most avoidable penalties we clean up is a corporation that stopped trading but never stopped owing returns. Filing a nil T2 costs a fraction of the interest that builds while it goes unfiled.

Who this is for

6 common cases

If one of these sounds like you, this service is a good fit.

Canadian-controlled private corporations of any size
Owner-managed businesses paying themselves salary, dividends or both
Professional corporations for consultants, IT contractors and trades
Holding companies and dormant corporations that still must file
Non-resident corporations carrying on business in Canada
Non-profits and inactive entities with a filing obligation

What's included

What you actually get

Nothing appears on the invoice later that was not described here.

T2 corporate return
Prepared, reviewed and e-filed, with all supporting schedules.
Financial statements
Balance sheet, income statement and GIFI schedules built from your books.
GST/HST returns
Filed in step with the corporate year so the numbers reconcile.
Salary versus dividend modelling
We run the actual numbers on both routes for your income level rather than repeating a rule of thumb.
Small business deduction planning
Keeping active business income inside the limit where that is the right call.
Installment guidance
So you are not caught by interest on a balance you did not know was accruing.

The process

How this works

7 steps, from first message to filed.

Step 01
Book a consultation
A short consultation lets us understand your corporation and what it currently needs.
Step 02
Share your information
Working from our checklist, you share the financial and corporate details we need to get started.
Step 03
Get your quote
Once we understand your situation, you receive a clear quotation covering the scope of work and payment terms.
Step 04
Send your documents
After the initial deposit, you provide your bank statements and any supporting documents the engagement requires.

Step 05
We prepare your return
From here, our team takes over: completing your bookkeeping and preparing your corporate tax return.
Step 06
Review and sign
Before anything is filed, you review the completed return and provide your signature for approval.
Step 07
Pay and file
With the outstanding balance settled, we file your corporate tax return with the CRA on your behalf.

Step 01
Book a consultation
A short consultation lets us understand your corporation and what it currently needs.
Step 02
Share your information
Working from our checklist, you share the financial and corporate details we need to get started.
Step 03
Get your quote
Once we understand your situation, you receive a clear quotation covering the scope of work and payment terms.
Step 04
Send your documents
After the initial deposit, you provide your bank statements and any supporting documents the engagement requires.
Step 05
We prepare your return
From here, our team takes over: completing your bookkeeping and preparing your corporate tax return.
Step 06
Review and sign
Before anything is filed, you review the completed return and provide your signature for approval.
Step 07
Pay and file
With the outstanding balance settled, we file your corporate tax return with the CRA on your behalf.

Questions

Corporate Tax Return questions

Straight answers to what people ask us most.

When is my corporate tax return due?

The T2 is due six months after your fiscal year end. Note that the payment deadline is earlier than the filing deadline for most corporations, so filing on time is not by itself enough to avoid interest.

Does a dormant corporation still have to file?

Yes. All corporations resident in Canada must file a T2 every year, including dormant corporations and non-profits, even with no income and no tax payable.

Should I pay myself salary or dividends?

It depends on your income level, whether you want RRSP contribution room and CPP credits, and what the corporation needs to retain. Salary is deductible to the corporation and creates RRSP room; dividends are taxed more lightly in your hands but are paid from after-tax corporate income. We model both against your actual numbers.

Do you handle the bookkeeping too?

We work from your books and will tell you plainly if they need work before a return can be prepared. Getting this right first is cheaper than correcting a filed return later.

Get started

Ready to sort out your corporate tax return?

Tell us your situation and we will come back with the exact scope, what we need from you, and the fee, before any work starts.

Key numbers

T2 filing deadline: 6 months; After your fiscal year end
Federal CCPC rate: 9%; On active business income within the small business limit
Ontario small business rate: 3.2%; On the first $500,000 of active business income
Ontario general rate: 11.5%; On income above the small business limit
Installments start at: $3,000; Corporations generally pay installments once taxes owed exceed this