Corporate Tax Return Frequently Asked Questions

You can register a corporation quickly and easily online using services like Ownr.co or by visiting a provincial Registry Office.

All incorporated businesses must file a T2 Corporate Tax Return each year, even if there is no income, or is inactive.

Bank statements, invoices, receipts, payroll records, and any agreements for loans, leases, or assets purchased/sold during the year. These documents are requested on a regular basis as part of bookkeeping process.

Corporate tax returns are due six months after the end of the corporation’s fiscal year. However, any balance owing must be paid within three months of the fiscal year-end.

CRA charges penalties starting at 5% of unpaid tax plus 1% per month late, up to 12 months. Interest is also added.

Yes, we provide strategies for tax efficiency, dividend vs. salary planning, GST/HST compliance.

Yes, non-capital losses can generally be carried back 3 years or carried forward up to 20 years to offset taxable income.

Common deductions include salaries, rent, utilities, business insurance, vehicle expenses, professional fees, advertising, and depreciation (CCA) of assets. Specific expenses related to your business discussed during the bookkeeping process.