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CORPORATION INCOME TAX

When is the tax year for your corporation?

A corporation's fiscal year, which is limited to 53 weeks, is its tax year. Corporations may or may not have year-ends on December 31 for tax purposes. You can use the date of incorporation as the tax year start on your first T2 form following incorporation.

Example

On July 17, 2022, a corporation was set up. It decided to finish its tax year on June 30. From July 17, 2022, through June 30, 2023, will be its first tax year. The second tax year of the entity will run from July 1 to June 30 of 2024.

When is the deadline for corporate tax returns?

Filings for corporation income tax returns are required six months after the year's end.

Example

-Your filing deadline is December 30, 2022, if your tax year ends on June 30, 2022.

-Your filing deadline is June 30, 2023, if your tax year ends on December 31, 2022.

-Your filing deadline is July 15, 2023, if your tax year ends on January 15, 2023.

Audits by the Canada Revenue Agency (CRA)

The CRA may audit or review your corporation tax return within specified time frame. Ensure that you never have to meet the CRA representative alone.

 

We can assist you with:​

  • Income tax audit

  • Company tax services

  • T2 return reassessments

  • Return review and defend

  • Attend CRA audit

  • Review your tax return for further issues

  • Handle all CRA inquiry paperwork

  • Help with tax questions and correspondence.

Cloud Accounting and Tax -
Best Tax Treatment for your Corporation

Corporations must pay taxes on their profits and do so on time. Even if there is no tax to pay, all Canadian resident corporations must file a corporation income tax (T2) return every year.

At CLaTAX, our CPAs are highly skilled in corporate taxes and are happy to learn about your company. When you hire us, our corporate tax Canada experts will work with you to learn about your business, the main risk it faces, and whether or not you have to pay corporate income tax.

 

We will give you specific tax advise and practical tax solutions that fits the need of your business. We have substantial cloud accounting and corporation tax knowledge and will help you discover, assess, and manage tax-related risk. It will boost financial performance, decrease risks, and create new opportunities.

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Cloud Accounting & Tax Services Inc. is an approved EFILE service provider and can electronically file your corporation income tax. In order to speed up the processing of your tax return with the Canada Revenue Agency (CRA), we will file your T2 return electronically.  If the CRA requires a paper copy, we will send it to them as well.

 

We will provide the support your company need to navigate the always evolving Canadian tax landscape, in addition to making sure your company conforms with all CRA requirements and is authorized to operate on your company's behalf.

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