Although corporations act as independent financial organisms, they are still required to file a corporate income tax return every year (T2). A corporation must file their corporate income tax return (T2) within 90 days from the end of the fiscal year regardless if there is no tax payable. In the event that a corporation has to pay any outstanding taxes, corporations must either pay it all at once or through a negotiated installment plan created in advance.
It also has to attach complete financial statements, GIFI, and the necessary schedules to the T2 return. Corporations can choose any fiscal ending date for the first year in business.
As a company, it is important to keep in mind that the correctness of a corporate income tax return depends largely on the structure and accuracy of its bookkeeping records. For this reason, V-Tac strives to help company’s maintain a solid foundation in bookkeeping. We are confident that our services will provide you with sound knowledge and diligence to prepare a solid corporate income tax return.
Our professionals have the knowledge and experience to minimize corporate tax payable amounts. Corporate tax planning takes into account a substantial amount of taxes, including income tax, payroll tax and capital tax. We will, of course, organize your tax return and deal with the Canada Revenue Agency as necessary. At V-Tac, we can help you analyze the tax impact of business decisions and select the best formation for your projected transactions and new investments.