Year-end tax filing

Service Overview

Think of the T2 form as your company's annual report to the Canada Revenue Agency (CRA). It's all about showing the ins and outs of your business's finances – what you've earned, what you've spent, and what you owe in taxes (or what's coming back to you).

Filing this on time is super important because it keeps your business on the right side of tax laws, helps you dodge any late-filing penalties, and ensures you're grabbing any tax deductions or credits your business is entitled to. Basically, it's about keeping your business healthy, compliant, and financially savvy.

CRA Forms and Documentation

• T2 Corporation Income Tax Return: This is the main form used by corporations to file their income tax return. All corporations operating in Canada, except tax-exempt entities, Crown corporations, and charities, must file this form every tax year.
• T2 Schedule 1 – Net Income (Loss) for Income Tax Purposes: Helps corporations calculate their net income or loss for income tax purposes, adjusting the net income (or loss) reported in their financial statements to comply with the Income Tax Act.
• T2 Schedule 8 – Capital Cost Allowance (CCA): Used by corporations to claim depreciation on capital assets.
• T2 Schedule 50 – Shareholder Information: Provides information about the corporation’s shareholders and their shareholdings.
• T2 Schedule 100 – Balance Sheet Information: Corporations report their assets, liabilities, and equity at the end of the fiscal period.
• T2 Schedule 125 – Income Statement Information: For reporting the corporation’s income, expenses, and net profit or loss for the tax year.
• T2 Schedule 200 – T2 Corporation Income Tax Return: A checklist to ensure all relevant schedules and forms are included with the T2 return.
• T106 Information Return of Non-Arm's Length Transactions with Non-Residents: Required if the corporation has transactions with non-residents it's not dealing with at arm's length.
• T1134 Information Return Relating To Controlled and Not-Controlled Foreign Affiliates: For corporations that have foreign affiliates, detailing the activities, income, and taxes paid of those affiliates.
• T5013 Statement of Partnership Income: For corporations that are part of a partnership, detailing the partnership’s financial results.
• T4 Summary of Remuneration Paid: Summarizes the remuneration paid to employees, including taxes deducted, for corporations that have employees.

Contact and Consultation