All incorporated businesses in Canada are liable for corporate taxes (T2 Returns).
Unincorporated businesses are not required to file T2 returns. These include sole proprietorships and businesses run by individuals as partnerships. Owners of unincorporated businesses are, however, subject to personal income tax on an individual basis.
Filing of Corporation tax Returns
Generally, every corporation carrying on business in Canada must file a Corporation Income Tax Return (T2 return) with the Canada Revenue Agency (CRA) no later than 6 months after the end of the tax year.
You may be required to make installment payments, which are partial payments of the total amount of tax payable for the year. The balance of tax, which is the tax payable for the tax year after you have deducted the installments already made for the year, is paid on your balance due date, which is 3 months after the end of the tax year for a Canadian controlled private corporation (CCPC) or 2 months after the end of the tax year for a non Canadian controlled private corporation.
If you are looking for corporation accounting and tax services in Brampton, Mississauga and Etobicoke for help with a corporation taxation return, Ashwani Sood offers accurate & affordable taxes preparation services for corporation in Brampton, Mississauga and Etobicoke. Please contact us to discuss on this matter.
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