Corporations

Most corporations can file their T2 Corporation Income Tax Return electronically using the Internet. It is mandatory for certain corporations with annual gross revenues that exceed $1 million. For more information, see Corporation Internet Filing.

Under proposed changes, this $1 million threshold will be eliminated for tax years starting after 2023. Most corporations will have to file their return electronically.

What's new for corporations

Topics

• Corporation income tax return
  Completing and filing your return and schedules.
• Corporation payments
  How, when, and where to pay, including instalment payments.
• Corporation tax rates
  Federal, provincial and territorial income tax rates.
• Type of corporation
  Explains the different types of legal corporations that exist for tax purposes.
• Important dates for corporations
  How to determine your corporation's fiscal period, when to pay and when to file.
• Federal tax credits
  List of federal tax credits that you may be able to claim when filing your T2 return.
• Provincial and territorial corporation tax
  Provincial and territorial income taxes and credits, completing Schedule 5, rebates, dual tax rates, and business limits.
• After you file your corporation income tax return
  Reassessments, what to do if you disagree, how to prepay tax for anticipated reassessments, and authorizing a representative.
• Business number registration
  How to register for a business number (BN), or additional accounts such as GST/HST or payroll.
• My Business Account
  Make online requests and view your corporation account information, such as balances and transactions, your T2 return status, and more.
• Eligible dividends
  Procedures and schedules for GRIP and LRIP, Part III.1 tax, election not to be a CCPC, and election for excessive eligible dividends.
• Functional currency
  How to elect, or revoke an election, to report in a functional currency.
• Partnerships – Limiting deferral of corporation tax
  The deferral of tax by a corporation that has a significant interest in a partnership having a fiscal period different from the corporation's tax year has been eliminated.
• International Financial Reporting Standards (IFRS)
  How the CRA has responded to the change in accounting standards.

Related Topics

• Request a comfort letter
• Keeping records

Forms and publications

• Guide T4012, T2 Corporation – Income Tax Guide
• Guide RC4088, General Index of Financial Information (GIFI)
• Guide T7B-CORP, Corporation Instalment Guide

Government partners

• AgriStability
• AgriInvest