A corporate year-end closes the books for the fiscal year, turns them into financial statements, and uses those to prepare your T2, the corporate income tax return. The T2 is due six months after year-end, but tax owing is generally due two or three months after it, so the work needs to start early. This guide adds the dates that follow a year-end and a checklist for corporations with a December year-end. For the full walk-through of the year-end process, read our guide to what a corporate year-end involves.
Which dates follow from your year-end?
- Tax owing: generally two months after year-end, or three months for a Canadian-controlled private corporation claiming the small business deduction, if CRA conditions are met.
- The T2 itself: within six months of year-end. Every resident corporation files one every year, even with no tax to pay and even if it was inactive.
- GST/HST, if you file annually: three months after the fiscal year-end.
- T4 slips, if you have employees: by the last day of February after the calendar year.
If a due date falls on a Saturday, Sunday or a public holiday the CRA recognizes, it is on time if received or postmarked by the next business day.
What should a December year-end checklist include?
If your corporation's year ends in December, these are the things to gather now. Work through them with your bookkeeper.
Bank and cards
- Statements for every business bank account, through to December, including any months you missed
- Statements for every business credit card, through to December, including any months you missed
- Loan and line-of-credit statements at year-end
Sales
- A list of customer invoices still unpaid at year-end
- Work done in the year but not yet invoiced
Purchases
- Receipts for larger purchases, especially equipment and vehicles
- Bills received for the year but not yet paid
Payroll
- The year's payroll totals for each employee, including you if you take a salary
- Any bonuses, gifts or benefits that need to go on a T4
Owner items
- Money you took out of the corporation, and money you put in
- Any loans between you and the corporation
Changes in the year
- New shareholders, new bank accounts, a new address, or anything unusual
What to do next
Start with the bank and card statements, since every other step depends on them. Note your year-end date and the three dates above in your calendar this week. If you would like help getting the books ready, book a free consultation.
Sources
- CRA: 2026 tax deadlines for businesses and self-employed individuals — read 5 November 2026
This guide explains published CRA rules. It is general information, not advice about your situation. Rules change — check the CRA page before acting on anything here.
