Corporate Tax Filing Services

Navigating the intricacies of CRA compliance with a team of proficient corporate tax accountants by your side.

Hire an Expert CPA for Your Corporate Tax Filing Needs

At TMP, our experts possess a comprehensive understanding of the intricacies within Canadian Federal and Provincial Tax Laws and Regulations.

As a result, we are committed to imparting this expertise to our clients through effective tax planning while shedding light on potential tax incentives within the Canadian Income Tax Act

Determine Corporate Fiscal Year End

Bookkeeping finished accurately and completely

Review Trial Balance

Discuss key points with Management

Create adjusting and closing entries

Determine Corporate schedules required

Fill in the appropriate schedules and financial info

Final review with Management

Submit Electronically to CRA

Who should file Corporate Tax Returns?

All resident corporations apart from registered charities, need to file a T2 Return for every tax year, even if there are no taxes payable.This Includes:

Non-Profit Organizations

Tax Exempt Corporations

Active
Corporations

Inactive
Corporations

Non-Resident Corporation

A non-resident corporation has to file a return if, at any time in the tax year, one of the following occurred:

A corporate tax filing constitutes submission of a T2 return and corresponding schedules.

Why Us

Financial Education

We prioritize educating our clients, equipping them with the knowledge to make sound financial decisions for their future success.

Seasoned Experts

Our experienced team offers deep expertise, ensuring reliable and comprehensive solutions for all accounting and tax needs.​

Personalized Solutions

Tailoring our services to each client's unique circumstances, we deliver customized solutions that address specific goals and challenges effectively.​

Modern Approach

Embracing cutting-edge technologies and innovative methods, we provide efficient and forward-thinking accounting and tax services to meet the demands of today's business landscape.​

FAQ

If your company is a Canadian Controlled Corporation, you claimed the small business deduction and the Corporations income does not exceed the business limit you have 3 months from the date of your corporation’s year end to pay the balance owing. For example if your year end is December 31st, you have until March 31th the following year. If you don’t meet the requirements above you have 2 months to pay any Corporate taxes owing.

You have 6 months from the date of your corporation’s year end. For example if your year end is December 31st, you have until June 30th the following year.

If you file your return late, a penalty will apply. The penalty is 5% of the unpaid tax that is due on the filing deadline, plus an additional 1% of this unpaid tax for each complete month that the return is late, up to a maximum of 12 months.

You are required to make corporate tax installment payments when your corporate tax liability exceeds $3,000 in any given fiscal year. Typically, corporations base these installments on their current-year tax liability. For example, if your corporation operates from January to December and your tax liability for 2023 was $6,000, after you pay your 2023 tax bill by March 31 2024 you need to make installments of $6,000 for your 2024 corporate taxes. At the end of 2024 if you overpaid you will get the additional funds refunded to you and if you underpaid you will pay the difference.

Every Corporate tax return is unique, best to fill in this questionnaire and our team will send you a list of required documents.

Corporate taxes in Canada are levied on the income earned by corporations. Both federal and provincial/territorial governments impose taxes on business income. The rates will vary based on the type of Corporation, income earned and tax credits the Corporation is entitled to.

You can register your corporation for taxation by filing an RC1 and registering a RC account with the Canada Revenue Agency (CRA). The process may vary depending on the type of corporation.

Yes, there are various tax incentives and credits available, including the Scientific Research and Experimental Development (SR&ED) program and investment tax credits

The small business deduction allows eligible Canadian-controlled private corporations to benefit from a lower tax rate on their first $500,000 of active business income.

Federal corporate taxes are imposed by the Canadian federal government, while provincial/territorial corporate taxes are imposed by the respective provincial or territorial governments. They are separate but complementary.

 Businesses in Canada may need to charge and remit GST/HST, depending on their revenue, type of Goods/Service they offer and location of their customers.

A common rule of thumb for allowable business expenses is any expenditure that contributes to the maintenance or growth of your business, as well as expenses that you wouldn’t have otherwise incurred if you were not operating this business

To minimize your corporate tax liability, a comprehensive analysis of your financial structure is necessary. This involves identifying potential strategies within the Income Tax Act that can effectively reduce your corporate tax burden.

Corporate tax returns in Canada are typically filed using the T2 Corporate Income Tax Return and corresponding schedules that apply to your business with the CRA.

In Canada, corporate tax returns are typically submitted using the T2 Corporate Income Tax Return and the associated schedules that pertain to your specific business with the CRA.

 You should maintain records of:

–  financial statements and corresponding general ledger
– receipts, invoices
–  contracts
– and other documents related to your business activities for at least six years.

How much does it cost to file my corporate tax returns?

Inactive

For Corporations that did not have any business activity in the year

$400 +HST

Basic

Owner Operated, 1-5 employees, covers Schedule 1, 8, and 50

$1,000 +HST

Expert

0-20 employees, Associated, Passive income, Dividends, etc.

$1,500 +HST

Custom

For more complex filings, please fill in the questionnaire

$1,500 +HST

Next Steps

Step 1

Please fill in this questionnaire

Step 2

Schedule a consultation with one of our CPAs to receive a final quote and a checklist of the required data.

Step 3

Upload requested data onto cloud folder shared

Let’s collaborate!

Have a question, an idea, or just want to learn more about TMP? We’re all ears. Fill out the form or email us and we’ll connect with you soon.

Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9
Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9