What documents does a T2 return need? The full checklist
A T2 is built from your year-end financial statements plus a few facts about who owns the company. If your books are closed and reconciled, the list below is everything a preparer needs. Gathering it before you start is the single biggest thing that speeds up your return.
Why these documents
CRA expects "complete financial statement information for the tax year," reported using its General Index of Financial Information (GIFI) codes. Electronic filers don't send paper statements; the numbers go into the return itself. (CRA: T4012, Financial statements or GIFI) CRA also wants "the same level of detail" as a traditional financial statement. (CRA: Preparing your financial statements using GIFI)
The checklist
About the company
- Business number, legal name, year-end and province
- Last year's T2 and Notice of Assessment (if someone else filed it)
- Shareholder names and % owned. CRA's Schedule 50 lists every shareholder holding "10% or more" of the shares (CRA: T4012, Schedule 50)
- Any related or associated corporations. Schedule 9 is required if your corporation "is related to or associated with at least one other corporation" (same source)
Year-end financials
- Trial balance at year-end (balanced)
- Income statement and balance sheet, with last year's figures for comparison
- General ledger export
- Year-end statements for every bank account, credit card and loan, with reconciliation reports
- Asset purchases and sales during the year, with invoices
- Inventory count at year-end, if you carry inventory
- Shareholder loan account detail
Pay, dividends and tax already paid
- T4 summary and slips, if you paid salary
- Dividends declared: dates and amounts
- Tax instalments paid during the year
- GST/HST and PST returns filed for the year
If they apply
- Investment statements and T5 / T3 slips the corporation received
- Vehicle logbook and home office details
- Government grants or loans received
- Letters from CRA during the year
Example
Harbourline Design Inc. uses QuickBooks Online. At its December 31 year-end, the owner exports the trial balance, balance sheet, income statement and general ledger, downloads the December bank and credit card statements with reconciliation reports, and adds the T4 summary and dividend resolution. That's a complete file, and the 10-business-day clock starts the day it's uploaded.
Keep your records
CRA requires you to keep records and supporting documents for six years from the end of the last tax year they relate to. Records of long-term property and the share registry must be kept indefinitely. (CRA: Where to keep your records and for how long)
FAQ
Do I need a Notice to Reader or accountant-prepared statements?
Not to file a T2. CRA needs the GIFI figures from your statements. Your bank or lender may ask for more.
My bank accounts aren't reconciled. Can you still file?
Not in our standard service. Reconciled books are what make a fast, fixed-price return possible.
Can I give you read-only access to QuickBooks or Xero instead?
Yes. We still ask for the bank statements and reconciliation reports.