What a corporate filing actually involves
A T2 return is the visible part of a larger job. Before the return can be filed, the year’s bookkeeping has to be closed, the financial statements prepared, and the numbers translated into the CRA’s standardized reporting format.
- The T2 corporate income tax return and supporting schedules
- Year-end financial statements — balance sheet and income statement
- GIFI schedules
- T4 and T5 slips for salary and dividends where applicable
- Provincial corporate filings where applicable
- CRA correspondence related to the filing
Filing and paying are different deadlines
Your corporate return is generally due six months after fiscal year-end, while the balance owing can be due earlier. Understanding both dates helps avoid preventable interest and penalties.
What we look for beyond the arithmetic
A return that merely adds up is not the same as a return that holds together. We look for shareholder loan issues, personal expenses in the company, HST inconsistencies, compensation timing and other items that can create problems later.
What we need from you
For most corporations: your bookkeeping file or bank and credit-card statements, the prior year’s corporate return and notice of assessment, details of salary or dividends, and your HST filings. If the records need cleanup first, we can help with that too.