Your filing deadline starts with your year-end

Canadian corporations generally file a T2 corporate income tax return within six months of their tax year-end. A December 31 year-end generally leads to a June 30 filing deadline. A corporation may still need to file even if it has no tax payable or has been inactive. Confirm your corporation’s requirements rather than assuming no revenue means no return.

Tax payment can be due before the return

The balance of corporate income tax is generally due two months after year-end. Certain eligible Canadian-controlled private corporations may have a three-month balance-due period. Eligibility depends on the relevant conditions, not just the business being small. Instalment obligations can also arise during the year. Waiting until the T2 filing deadline to calculate the balance may result in interest.

Prepare a useful year-end package

Reconcile bank and credit card accounts, review receivables and payables and assemble capital asset invoices. Give your accountant shareholder loan details, payroll reports, GST/HST records and the previous return and assessment. If your bookkeeping is behind, allow time for cleanup before the return is prepared.

Make a calendar for each account

Corporate income tax, GST/HST and payroll do not necessarily share the same deadlines. Keep a separate calendar for filing, payment and remittances. Confirm any weekend or holiday treatment and consult current CRA guidance for the relevant year. TaxRush can review your corporate filing needs and scope the year-end work in writing.

Frequently asked question

Is the T2 deadline also the payment deadline?

Usually not. The return is generally due six months after year-end, while the tax balance is generally due earlier. Eligibility for a three-month balance-due period should be reviewed.

Put the next step into practice.

Learn how TaxRush can support your situation, and request a written quote for the work you need.

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This guide is general information, not personalized tax or legal advice. Rules and administrative policies can change. Review current guidance at Canada Revenue Agency and get advice for your circumstances.