For businesses
Corporate income tax and GST/HST
An incorporated business files a corporate income tax return (T2) for every fiscal year, and usually owes the tax before the return is due. If it is registered for GST/HST, that runs on its own schedule alongside.
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Who it is for
Who it is for
Canadian-controlled private corporations — the ordinary owner-run incorporated business, whether it has one owner-employee or twenty staff.
Also businesses approaching the GST/HST registration threshold for the first time, and those who registered but have not filed since.
What is included
Included
- Financial statements prepared from your books for the fiscal year
- Corporate income tax return (T2), prepared and filed electronically
- Schedules that apply to your corporation, including the small business deduction
- The Ontario annual return filed alongside, for Ontario corporations
- GST/HST registration when you cross the threshold
- GST/HST returns on your monthly, quarterly or annual schedule
- A note of what is due next and when, so the following year is not a surprise
Not included
- Formal opinions on financial statements for a bank or another lender
- Returns for corporations resident outside Canada
- Bookkeeping for the year is quoted separately if the records are not already complete
The dates that apply
| Filing | When it is due |
|---|---|
| Corporate return (T2) | Six months after your fiscal year-end |
| Balance owing | Two months after year-end — three for many CCPCs |
| Ontario annual return | Filed alongside the T2 |
| GST/HST return | Monthly, quarterly or annually, depending on your assigned period |
What to expect
- Start with a free consultationBy phone, video or in person at the Vaughan office. Bring questions, not paperwork.
- Bring what you haveBank statements, invoices, prior returns, a spreadsheet, a folder of receipts — whatever exists. Gaps are normal and sorting them out is part of the job.
- Ask what it will costFees depend on the size of the job — how many transactions, how many people you pay, and how much needs rebuilding first. You get a figure for your situation before any work starts.
The tax is due before the return
Most corporations owe their balance two or three months after year-end — months before the corporate income tax return itself is due.
Questions
Questions about corporate filing
When is my corporate return due?
Six months after your fiscal year-end. Tax owing is generally due earlier — two months after year-end, or three for many Canadian-controlled private corporations.
When do I have to register for GST/HST?
Once your taxable revenue passes $30,000 over four consecutive calendar quarters. If you pass $30,000 within a single quarter, you must register within 29 days of the sale that took you over. The CRA sets both rules.
Do you file with the CRA on my behalf?
Yes, once you authorise it. Returns are prepared, you review and approve them, and they are then filed electronically.
Do you do audits or review engagements for a bank?
No. Those need a public accounting licence. If a lender asks for one, we will tell you at the first conversation and point you to someone licensed to do it. The financial statements that go with your tax filing are part of the corporate year-end.
Work it out
Calculators for this
Corporate filing deadline
Fiscal year-end in, filing deadline and payment date out.
Open the calculator02Tax and CRA deadlinesGST/HST registration checker
Check the $30,000 small supplier threshold and your registration deadline.
Open the calculator03Running a businessIncorporate or stay sole proprietor
The yearly cost of a corporation, against what it can save.
Open the calculator
Next step
Get ahead of your year-end
Book a consultation and bring your fiscal year-end date.