A corporate tax return (T2) is the annual filing that reports your corporation’s income, expenses, and tax payable to the CRA.

The T2 return must be filed within six months after your corporation’s fiscal year-end. For example, if your fiscal year ends December 31, the deadline is June 30 of the next year.

Late filing penalties start at 5% of the unpaid tax, plus 1% for each additional month the return is late, up to 12 months. Interest charges may also be applied.

You’ll need financial statements, income and balance sheets, receipts for deductions, and any other supporting paperwork relevant to your corporation’s finances.

Yes, corporate tax returns can be submitted electronically via the CRA’s E-file system or approved tax software.