Balance due when filing a return

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Complete your T2 Corporation Income Tax Return

When you file your T2 Corporation Income Tax Return, report all instalment payments you made for the tax year on line 840 - tax instalments paid.

The balance on the return will show what you owe for the year minus any instalment payments already made for the year. This is your balance of tax.

Your balance of tax may result in a refund or an amount owing. Any remaining amount owing from your final return will need to be paid by the balance-due day.

Paying on time

You are responsible for making sure that your payments are received by the CRA on or before the due date, to avoid being charged late fees or interest.

Learn more about:

Refunds over $25 million

The Canadian Payments Association (CPA) sets a maximum value of $25 million for any cheque or other paper-based payment instrument cleared through the banking system. This rule also prohibits the splitting of amounts in excess of the set limit into smaller acceptable cheques. This initiative enhances the safety and stability of the Canadian payments system.

The Canada Revenue Agency must transmit all large value refunds (more than $25 million) through the Large Value Transfer System (LVTS) as required by the CPA.

If you are expecting a large-value refund, you need to be registered for both direct deposit and for the LVTS. Call 1-800-959-5525 to begin the registration process.

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