Your T2 Corporate Return, Filed Right
File late and CRA charges 5% immediately, plus 1% a month. Miss the small business deduction and you're overpaying by thousands. And a shareholder loan done wrong? That gets taxed as personal income. We file your T2 on time, claim what you're owed, and keep your corporation clean with the CRA.
Book a Free ConsultationWhat we do
T2 corporate tax return — prepared and filed with the CRA
Small business deduction (SBD) — we check if you qualify every year
GIFI codes, Schedule 1 adjustments, and capital cost allowance schedules
Shareholder loan, dividend, and salary planning
Instalment calculations so you're never caught off guard
CRA letters, reassessments, and catching up on late filings
How it works
1
Book a Free Consultation
Pick a time. We'll look at your fiscal year-end, your deadlines, and what you're working with.
2
We Go Through Your Books
We check your financials and last year's T2. Then we flag every deduction and credit you can claim.
3
We File Your T2
We prepare your return, file it with the CRA, and send you a summary that actually makes sense.
Frequently asked questions
What's the corporate tax rate for small businesses in Ontario?
If your corporation qualifies as a CCPC (Canadian-controlled private corporation), you pay a combined 12.2% on the first $500,000 of active business income. That's 9% federal plus 3.2% Ontario. Anything above $500K gets taxed at 26.5% combined.
When is the T2 corporate tax return due?
You have six months after your fiscal year-end to file. But any tax you owe is due sooner — two months after year-end for most corporations, or three months if you claim the small business deduction. Miss the payment date and interest starts, even if your return is filed on time.
What's the small business deduction and do I qualify?
The small business deduction (SBD) lowers your federal tax rate on the first $500,000 of active business income. You qualify if your corporation is Canadian-controlled, private, and has taxable capital under $10 million. It phases out between $10M and $50M. We check your eligibility every year when we prepare your T2.
Can I file my T2 myself, or do I need an accountant?
You can, technically. But the T2 involves GIFI codes, Schedule 1 adjustments, capital cost allowance, and things like shareholder loans and dividend treatment. One mistake and CRA sends a reassessment — plus interest. Most small businesses save more than the filing fee by having someone who catches what they'd miss.
What happens if I file my corporate return late?
CRA hits you with a 5% penalty on unpaid tax, right away. Then adds 1% per month for up to 12 months. Repeat late filers get double the penalties. Interest also runs from your original payment due date. If you're behind, we can help you catch up and apply for penalty relief where you qualify.
What's the difference between federal and Ontario corporate tax?
You pay both on the same income. For qualifying CCPCs: 9% federal plus 3.2% Ontario on small business income (12.2% total). General corporate income: 15% federal plus 11.5% Ontario (26.5% total). Your T2 calculates both, and we make sure income goes to the right rate.