Corporate Income Tax Return (T2)
Corporate tax preparation for small corporations across Canada.
Corporate tax preparation for small corporations across Canada.
Every corporation is different, and the scope of a T2 return depends on the corporation's activity, accounting records and year-end financial information.
Before starting the work, I review your situation and available accounting records to determine what is required for the corporate tax filing.
T2 preparation from $750
Corporate tax preparation is based on the corporation's finalized accounting records and may include a review of income and expenses, balance sheet accounts, shareholder transactions, fixed assets and other year-end information relevant to the return.
The T2 Corporate Income Tax Return and applicable schedules are prepared based on the corporation's individual circumstances and electronically filed with the CRA after client review and authorization.
Before I confirm the scope and final price, we will discuss your corporation's activity, fiscal year, accounting records and filing requirements.
If the bookkeeping is already complete and reconciled, I can proceed with the year-end review and T2 preparation. If additional bookkeeping, reconciliation or corrections are required, this work is discussed separately.
You provide your corporate information, previous T2 return (if applicable), and accounting records for the fiscal year.
I review the accounting information and identify any additional documents, reconciliations or year-end adjustments that may be required.
Your corporate tax return and applicable schedules are prepared based on the finalized year-end information.
I review the filing information with you and obtain the required authorization before submission.
The completed T2 return is electronically filed with the CRA.
A T2 Corporate Income Tax Return is prepared from the corporation's accounting records. If your bookkeeping is incomplete, unreconciled or requires corrections, the accounting records will need to be completed before the T2 return can be finalized.
Bookkeeping, reconciliation and accounting corrections are separate from the T2 preparation fee and are billed at $60/hour.
Depending on your corporation's records and filing requirements, additional work may be required and is not included in the T2 preparation fee:
The documents required depend on your corporation's activity and accounting records. Generally, I will need your previous corporate tax return, year-end financial information, bank and credit card records, details of income and expenses, shareholder transactions, fixed assets, payroll information and GST/HST records, where applicable.
If your bookkeeping is maintained in accounting software, access to the accounting records may also be required. After an initial review, I will let you know if any additional information or documents are needed.
A T2 Corporate Income Tax Return is generally due within six months after the end of the corporation's tax year. The deadline to pay any balance owing may be earlier than the filing deadline and depends on the corporation's circumstances.
If your corporate year-end has already passed, I can review the applicable filing requirements and deadlines as part of the initial assessment.
No. A T2 Corporate Income Tax Return is filed with the CRA for income tax purposes. A corporation annual return is a separate filing used to keep the corporation's information up to date with the applicable federal or provincial corporate registry.
Filing a T2 return does not replace the corporation annual return.