Corporate tax returns and year-end planning
T2 returns for owner-managed corporations in Brampton and the GTA, prepared with an eye on how the corporation and its owners are taxed together.
More than a filing
For an owner-managed business, the corporate return and the owner’s personal return are two sides of the same plan. We prepare the T2 and look at the decisions around it: how you pay yourself, when to declare dividends, how much to leave in the company and what instalments to make.
- T2 corporate income tax returns and Ontario schedules
- Small business deduction and associated-corporation considerations
- Salary vs. dividend planning, T4 and T5 slips
- Shareholder loan and capital dividend account review
- Holding companies and passive investment income
- Instalment planning and CRA correspondence
- Dormant, inactive and first-year corporations
Paired with year-end financial statements
Most corporations need financial statements to support their T2. We can prepare compiled financial statements and the tax return together, so the numbers agree and the work happens once.
Corporate Tax: common questions
When is a T2 return due?
A corporation must file its T2 return within six months of the end of its fiscal year. Any balance of tax owing is generally due two months after year-end, or three months for many Canadian-controlled private corporations that qualify.
Should I pay myself salary or dividends?
It depends on your personal income needs, RRSP and CPP goals, the corporation’s income level and other factors. We model the options with you each year.
Does a corporation with no activity still need to file?
Yes. A corporation generally must file a T2 return every year, even if it had no income or activity.
Can you take over from my previous accountant?
Yes. We can request prior-year files with your permission and make the transition simple.
You may also need
Personal Tax
T1 returns for employees, families, students, seniors, newcomers and the self-employed — plus help with CRA letters, reviews and reassessments.
Learn moreTax Planning & Business Transitions
Proactive planning for owner-managers: sale of shares or assets, the lifetime capital gains exemption, estate freezes and reorganizations.
Learn moreCompiled Financial Statements
Year-end financial statements prepared under CSRS 4200 for corporations, lenders and stakeholders.
Learn moreLet’s talk about what you need.
Book a free, no-obligation 15-minute consultation. Evening and Saturday times available by phone, video or in person.