Corporate Tax Returns

If your business is incorporated in Canada, the corporation generally needs to file its own corporate income tax return (T2) each year. A corporation is separate from you personally, so your corporate tax return is different from your personal tax return.

What Is a Corporate Tax Return?

A corporate tax return reports your company's income, expenses, assets, liabilities, and other financial information to the Canada Revenue Agency (CRA).

Even if your corporation had no income, no activity, or no tax owing, it may still be required to file a corporate tax return.

What Information Do We Need?

The documents required will depend on your business. They may include:

  • Business income and sales records

  • Business expenses and receipts

  • Bank and credit card statements

  • GST/HST information

  • Payroll information

  • Loans and financing

  • Equipment, vehicles, buildings, or other business assets

  • Previous corporate tax return and financial statements

  • Shareholder information

  • Dividends or amounts paid/withdrawn by shareholders

Not sure what you need? Contact us, and we can let you know what information is required based on your corporation.

New Corporation?

If this is your corporation's first tax return, we may need additional information, including your incorporation documents, business number, fiscal year-end, shareholder information, and details about when the business started operating.

Corporate Tax Is Different From Personal Tax

Money you take from your corporation is not automatically treated as your personal income. How you pay yourself—such as salary, dividends, or other shareholder transactions—can affect both the corporation and your personal taxes.

Keeping good records throughout the year can make corporate tax filing much easier.

Bookkeeping Not Up to Date?

Your accounting records normally need to be completed before the corporate tax return can be prepared. If your bookkeeping is incomplete, we can discuss what needs to be completed first.

Ready to Get Started?

Contact us and let us know that you need a corporate tax return. We will advise you of the information and documents needed for your corporation.