Guides

Corporate tax, answered plainly

Every rate, date and rule links to the CRA page it came from. General information, not tax advice.

Filing the T2

Yes. Every resident corporation files a T2 each year, even with no income and no tax owing.

The fastest way is to add your preparer in My Business Account, using the ID number they give you.

Filing your T2 late costs 5% of the tax you still owed on the due date, plus 1% for each full month late, for up to 12 months.

Your T2 is due six months after year-end, but any tax owing is due two or three months after year-end.

A T2 is built from your year-end financial statements plus a few facts about who owns the company.

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