Corporate Tax

T2 Schedule 141, the GIFI notes checklist, tells the CRA who prepared a corporation’s financial statements, whether a CPA was

T2 Schedule 100 reports a corporation’s balance sheet and Schedule 125 reports its income statement, both using CRA General Index

 A sole proprietor pays personal tax on all business profit at rates up to 53.53% in Ontario, while a corporation

Canadian residents who sell qualified small business corporation shares can claim the lifetime capital gains exemption of about $1.25 million.

An estate freeze locks in the current value of a business owner’s shares by exchanging common shares for fixed-value preferred

 section 85 rollover lets you transfer property, such as shares, real estate or business assets, to a taxable Canadian corporation

AI Overview Paragraph: A family trust is a discretionary trust where a settlor transfers property to a trustee who holds

Most corporations can no longer mail a T2 return. For taxation years starting after 2023, the CRA requires almost all