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Corporate Tax Returns

Corporate Tax Returns

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We serve a large range of clients, from small businesses to large corporations. Each client requires individual attention and has different needs. We tailor our approach to each client. We have a wide range of experience and expertise within the firm and we work together to provide accurate tax reporting taking advantage of all credits available to you.  

 

Resident Corporations

 

All corporations—including non-profit organizations, tax-exempt corporations, and inactive corporations—have to file a T2 return for every tax year, even if there is no tax payable. The only exception to this rule is a corporation that was a registered charity throughout the year.

 

 

Non-Resident Corporations

A non-resident corporation may be subject to Canadian income tax if, at any time in the year, one of the following situations applies:

  • it carried on business in Canada
  • it had a taxable capital gain
  • it disposed of taxable Canadian property

A non-resident corporation has to file a return in a number of situations, including:

  • when it has to pay Part I tax in the current year or would have to pay it except for a tax treaty
  • when it has made an election to pay Part I tax on the net amount of timber royalty income or rental income from real property under subsection 216(4)
  • when a corporation is subject to tax under Part XIV (known as branch tax)
  • when it has made an election to pay Part I tax on the net amount of acting services under subsection 216.1(1)
 
Corporate Tax Filers

Corporations have different rules than personal tax filers. For example, a corporate tax return should be filed no later than six months after its ‘fiscal year end’. A corporation with a fiscal year end of February 28th would be required to file their corporate tax return no later than August 31.

  • T5 information must be submitted prior to March 1st (this should be last day of February)
  • T4 information must be submitted prior to February 28th (this should be last day of February as some years it’s February 29th)

To find out more specifically what dates apply to your corporation, please visit the Canada Revenue Agency website at:

 

Click here to visit the CRA website. regarding Corporate Filing.

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