Completing your corporation income tax (T2) return
All corporations with annual gross revenue of more than $1 million have to Internet file their T2 Corporation Income Tax Return, except for:
- insurance corporations;
- non-resident corporations;
- corporations reporting in functional currency; and
- 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 Internet file doesn not comply with the requirement.
Whether you Internet file or use the traditional CRA-issued paper 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).
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