bookkeeping and accounting services near Erin

Corporate Tax Filing near Erin

Corporate Income Tax preparation and filing near Erin, Orangeville, Caledon, Guelph, and surrounding areas. Filing corporate taxes deadline is within six months of the tax year end. What if the corporation incurred a loss for the year? Still, corporations residing in Canada have to file a corporate income tax return even if there no tax payable. Non-profit, tax-exempt, and inactive corporations must file T2 return every year (except Crown corporations, Hutterite colonies and registered charities).

We are an approved CRA e-filers to help individuals and small businesses prepare and file income tax and benefit return. We prepare and file personal and corporate taxes electronically using the CRA approved EFILE web services.

We are a CPA firm

If filing for the first time with us, we would need you to bring the following documents:

  • Notice of assessment for last year

  • Tax return for last year

  • Copy of incorporation papers

  • T-slips received in the current year

  • GST/HST information for the current year

  • Employee deductions payable at the end of the fiscal year

  • Financial statements for the current year

Corporate T2 tax preparation fees start from $500 and increase depending on the complexity.

When a corporation incurred a loss for the year

Non-capital loss and farm loss (calculated on Schedule 4, Corporation Loss Continuity and Application). A current-year non-capital loss can be applied against any income for the three previous years. The current-year non-capital loss can reduce income for the 20 following years and for the 3 previous tax years.

Capital loss (calculated on Schedule 6, Summary of Dispositions of Capital Property). A net capital loss can be applied against taxable capital gains for the three previous years and indefinitely for future years. Losses incurred in other years can be used to create or increase the current year’s  net capital losses.

If we do not have access to your bookkeeping software, please provide with the relevant to corporate T2 tax form information.

Corporate Tax Checklist