Completing your corporation income tax (T2) return
All corporations with annual gross revenue of more than $1 million have to file their T2 Corporation Income Tax Return electronically, except for:
- insurance corporations
- non-resident corporations
- corporations reporting in functional currency
- corporations that are exempt from tax payable under section 149 of the Income Tax Act
We will charge a $1,000 penalty for non-compliance if a corporation that is required to file electronically does not comply with the requirement.
Whether you file electronically or use the traditional CRA-issued return to complete your T2 return, you will have different options for filing your return and preparing your financial statements using the General Index of Financial Information (GIFI).
Proposed legislation eliminates this $1 million threshold for tax years starting after 2023. Most corporations would have to file their return electronically.
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