T2 Return: The Corporation Income Tax Return

What the T2 return means

The T2 is the corporation income tax return. Every corporation files one for its taxation year, including a company that had no activity, unless the CRA has said otherwise for that file. It is not the personal T1 of the owner.

Where to find the T2 return

The return is due six months after the corporation’s year end. The balance owing can be due sooner than the filing date, so the books should be ready before the payment date. Financial statements usually accompany the T2. The firm prepares those under the Ontario or federal corporations statute, as the company requires.

Why the T2 return matters

Owners who want the Scarborough office to file the T2 should also keep the books current. A T2 built on a shoebox is slower and the quote is higher. The corporate tax page describes the engagement. There is no published T2 price.

Keeping the records behind the T2

The T2 is filed from the books and the year-end statements. Keep the notice of assessment with the file, and ask which year it belongs to before you pay a balance. Bring the notice and the statements to the Scarborough office. The firm quotes a six-year retention period for tax records, counted from the end of the last tax year they relate to.

Work with the Scarborough office

Kennedy Tax & Accounting Inc. prepares the return from its only office in Scarborough, near Kennedy Station. You can visit or send the slips. English, Bengali and Tamil are spoken. A CPA has led the firm since 2010. A simple personal return starts at $49.99 + HST. Other work is quoted first.

The personal return is prepared on the personal income tax page. A corporation uses the T2 service. Books are on the bookkeeping page.