Corporation Tax Returns

Corporations have to adhere to a higher standard of accounting principles. We ensure our clients are held to the highest standards possible, the same ones we use in-house for KB Accounting itself. When you incorporate, the way you take money out from the company differs, and KB Accounting will make sure you understand how this works. Options include paying yourself a salary, declaring dividends, and using a shareholder's loan account. The last option is helpful for newly incorporated businesses or smaller ones, but the CRA examines use of a shareholder's loan account very closely. It's best to speak to a professional about taking money out of a corporation, and how this affects your taxes.

With limited exception, corporations must file a T2, or corporate income tax return, every year, even if there is no tax payable. Corporate tax returns must be filed within six months from the end of a corporation’s fiscal year. However, corporate taxes are required to be paid three months after the fiscal year. A corporate tax year, or fiscal period, cannot exceed 53 weeks. In order to receive a refund, your corporate income tax return must be filed within three years of the end of a fiscal period.

You must still file a T2 if your corporation is non-profit, tax-exempt, or inactive. We will do your corporate tax preparation for you including preparing the accompanying Balance Sheet and Income Statement, and filing the T2. This will require you to provide documentation, however.

We’ll need your expense receipts and your bank and credit card statements. Ideally these will be arranged by month, with receipts attached to the corresponding month. This will help ensure a clean audit trail in case the CRA wants to review any of your files.

Other information you’ll need handy for us includes:

  • A copy of your ISC (or provincial Corporate Registration Papers)
  • All CRA correspondence, including GST
  • Corporate head office address
  • Corporate business number
  • Articles of incorporation
  • Fiscal year end date
  • Access to your books and records
  • The previous year's tax returns (T2)

There may be additional schedules to fill out, but we’ll be sure to let you know what we need to complete your tax preparation. 

Our standard turnaround is four weeks. From March to June this may extend to eight weeks. In order to ensure your filings are on time, please consider our tax planning services to keep things running smoothly year round.

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