The return is due six months after your fiscal year end. Any balance owing is due two months after year end — three months for most Canadian-controlled private corporations claiming the small business deduction. Those two dates are different, and the payment date comes first.

My corporation had no activity this year. Do I still file?

Yes. A corporation files a T2 for every year it exists, including years with no income and no expenses. A nil return is straightforward, and missing them creates problems that are not.

Should I pay myself salary or dividends?

It depends on your other income, whether you want RRSP room and CPP contributions, and what the corporation needs to retain. It is worth modelling rather than guessing — the difference over a few years is usually material.

Corporate tax & T2 returns — Vancouver

Who this is for

You run an incorporated business — a professional corporation, an operating company, a holding company, or a corporation that exists to hold one property. You need the T2 filed correctly and on time, and you would rather understand the numbers than simply sign them.

What's included

T2 corporate income tax return and all supporting schedules
Year-end adjusting entries and reconciliation to the financial statements
Instalment calculations, so you are not surprised by interest
Salary versus dividend planning for owner-managers
Corporate compliance: filing deadlines, balance due dates, GIFI reporting

Common situations

Your fiscal year has ended and you need the T2 prepared, filed, and explained rather than just signed.
You have been taking money out of the corporation without a settled plan, and the shareholder loan account is getting complicated.
The corporation was dormant this year and you are not sure whether a return is still required. It is.

What I'll need from you

Prior year T2 and notice of assessment
Trial balance or bookkeeping file for the year
Bank and credit card statements for the fiscal year
Payroll records and T4 summary, if the corporation paid wages
Details of any dividends paid or shareholder loans

How this works

01 Tell me what you need A short call or a message. Describe your situation in your own words.
02 We review your situation together I look at your previous returns, records and any letters from the CRA, then tell you plainly what is involved.
03 You receive a quote in writing What needs doing, in what order and by when, with the fee set out clearly and agreed before any work begins.
04 We complete the work Prepared, filed and explained, with me available for the questions that come afterwards.

Questions

When is my T2 due?

The return is due six months after your fiscal year end. Any balance owing is due two months after year end — three months for most Canadian-controlled private corporations claiming the small business deduction. Those two dates are different, and the payment date comes first.
My corporation had no activity this year. Do I still file?

Yes. A corporation files a T2 for every year it exists, including years with no income and no expenses. A nil return is straightforward, and missing them creates problems that are not.
Should I pay myself salary or dividends?

It depends on your other income, whether you want RRSP room and CPP contributions, and what the corporation needs to retain. It is worth modelling rather than guessing — the difference over a few years is usually material.

Other services

All services Next: Self-Employed & Individual Tax

Not sure where to start?

The first consultation is free. Tell me your situation, and I'll tell you what is involved.

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Or call (604) 722-3736

Corporate Tax Services