Corporate Tax Accountant in Mississauga, ON
Adian Professional Corporation is an experienced corporate tax accountant in Mississauga that prepares and e-files T2 corporate income tax returns for CCPCs, holding companies, real estate companies and professional corporations. Every return is led by Purvish Shah, CPA, CA, includes all CRA schedules and a small business deduction review, and starts at a fixed $1,500 + HST. Pair it with T1 personal tax, compiled financial statements or a service package.
What Is a T2 Corporate Tax Return?
The T2 is the annual federal income tax return for every corporation resident in Canada, including CCPCs, professional corporations, holding, real estate, management and investment companies. It is filed separately from the shareholders’ personal returns, and it is required even when the corporation had no income, no activity or a loss.
When Is a T2 Due and What Are the CRA Penalties?
| Requirement | Rule | December 31 Year-End |
|---|---|---|
| Filing deadline | Six months after fiscal year-end | File by June 30 |
| Balance owing | Two months after year-end, or three months for qualifying CCPCs | Pay by February 28, or March 31 for qualifying CCPCs |
| Late filing penalty | 5% of the balance owing plus 1% per complete month, up to 12 months | A repeat late filing within three years doubles the penalty |
We estimate instalments and balances owing so you avoid CRA interest.
Important: The T2 filing deadline is not the same as the balance owing deadline. You can owe a tax balance 2 or 3 months after year-end long before your return is due. We help you estimate your instalments and balance owing throughout the year to avoid CRA interest charges.
What Does Our T2 Corporate Tax Service Include?
Who Do We Prepare T2 Returns For?
Active business CCPCs, investment holding companies, medical and dental professional corporations, real estate holding corporations, management companies and newly incorporated CCPCs filing their first return in Mississauga, Meadowvale, Streetsville, Churchill Meadows, Erin Mills and Brampton.
How Does Our T2 Process Work?
| Step | What Happens |
|---|---|
| Step 1 | Engagement letter and intake call |
| Step 2 | Year-end records from your QuickBooks Online file, trial balance or general ledger |
| Step 3 | CSRS 4200 compiled financial statements where needed |
| Step 4 | Schedule preparation in TaxCycle T2 |
| Step 5 | Your review and approval |
| Step 6 | Electronic filing with the CRA |
| Step 7 | Instalment planning for the next year |
Which CCPC Tax Rules Do We Review?
We review the small business deduction, the $50,000 passive income grind on aggregate investment income, RDTOH, GRIP, the capital dividend account, the section 125.1 manufacturing and processing credit and shareholder loans. For schedule guidance, read our guides to T2 Schedule 100 and 125 and T2 Schedule 141.
Small Business Deduction (SBD)
Aggregate Investment Income
Refundable Dividend Tax on Hand (RDTOH)
General Rate Income Pool (GRIP)
Capital Dividend Account (CDA)
Section 125.1
Shareholder Loans (Section 15)
Frequently Asked Questions
T2 Corporate Tax Return
Does my corporation need to file a T2 if it had no income?
Yes. Every Canadian resident corporation must file a T2 every year, even with no income, no activity or a loss. If a dormant corporation has missed years, our catch-up tax filing service brings it back into compliance.
What is the corporate tax rate for a small business in Ontario?
A CCPC in Ontario pays a combined federal and provincial rate of 12.2% on the first $500,000 of active business income and about 26.5% above that limit. Rates can change, so we confirm them each year.
How much does a T2 corporate tax return cost in Mississauga?
Our T2 corporate tax return starts at a fixed $1,500 + HST for a standard single-shareholder CCPC with complete year-end records. Your exact fee is confirmed in writing before any work begins.
Do I need financial statements to file a T2?
Yes. Schedules 100 and 125 come from your financial statements. We can prepare compiled statements under CSRS 4200 in the same engagement so your statements and T2 return stay consistent.
When should I send my records after year-end?
We recommend engaging us 30 to 60 days after your fiscal year-end, and earlier during peak season. Starting early gives time to plan your balance owing before the CRA payment deadline.
Can you also prepare my personal tax return?
Yes. Most of our CCPC clients also use us for their shareholder-manager T1 return so salary, dividends and RRSP room are planned together. See our T2 + T1 package.
Book Your T2 Consultation
Call 647-715-2156 or book a free consultation with a trusted corporate tax accountant in Mississauga. Serving Mississauga, Brampton, Oakville, Burlington and the GTA. We do not serve Quebec corporations, which require a CO-17 return.
Can you file my T2 if my books are not on QuickBooks Online?
Yes. For your T2 we can work from a year-end trial balance or general ledger from any accounting software. For ongoing bookkeeping, Adian works exclusively with QuickBooks Online and can help migrate your books. See our tax-ready bookkeeping service.
Get Your T2 Corporate Tax Return Filed Accurately and On Time
Contact Adian Professional Corporation CPA to engage us for your T2 corporate income tax return. We serve incorporated businesses and CCPCs in Mississauga, Brampton, Oakville, Burlington, and the Greater Toronto Area.