Corporate Tax Returns

At Blue Canyon CPA, we are a full-service accounting firm equipped to provide a wide range of tax services, including expert corporate tax services. Whether you're in Toronto, the Greater Toronto Area (GTA), or beyond, our expertise extends to clients across Canada, and we seamlessly collaborate through remote capabilities.

In accordance with the Canada Revenue Agency's regulations, every resident corporation, except crown corporations and resident charities, is required to file a corporate income tax (T2) return annually, even if no tax is payable. This obligation applies to various entities, including non-profit organizations, tax-exempt corporations, and inactive corporations.

As your trusted corporate tax accountant in Toronto, Blue Canyon CPA ensures the timely filing of your returns, within six months following the end of each tax year, aligning with the corporation's fiscal period. When a corporation's tax year concludes on the last day of a month, the returns should be submitted by the last day of the sixth month following the tax year's end. If the tax year doesn't end on the last day of a month, the return deadline is set on the same day of the sixth month after the tax year's conclusion.

It's important to note that while the return filing deadline is six months after the tax year's end, any owed corporate income tax must be paid within three months (90 days) after the tax year's conclusion. At Blue Canyon CPA, we diligently manage these timelines to ensure compliance with Canadian tax regulations."

Consider this scenario: if your fiscal year concludes on December 31, XXXX, your corporate return must be submitted by June 30, XXXX. However, it's essential to note that any outstanding tax payments must be settled by March 31, XXXX. Delays in payments can result in interest charges and penalties imposed by the Canada Revenue Agency (CRA).

Blue Canyon CPA, as your dedicated corporate tax partner, extends our exceptional corporate tax services to businesses in Toronto and beyond. Among our key services is the transformation of accounting financial statements into what is known as Tax Financial Statements or General Index of Financial Information (GIFI) financial statements. GIFI financial statements are crucial for filing the T2 return as they reconcile income for accounting purposes with income for tax purposes.

In Toronto, all corporate tax returns should prepare their financial statement information using GIFI codes, which is then submitted along with their T2 returns. Once your corporate tax return for Toronto is prepared and ready for filing, there are seven tax offices across the country to which they can be sent. The specific tax office to submit your corporate income tax return to depends on the province where your business primarily operates. To determine the appropriate Tax Office for your submission, please reach out to Blue Canyon CPA, your trusted corporate tax accountants.