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Corporate Business Tax

Corporate Business Taxes

With respect to business Corporation income tax returns, all resident corporations in Canada (except tax-exempt Crown corporations, Hutterite colonies and registered charities) must file a corporation income tax (T2) return every tax year, even if there is no tax payable. As per the Canada Revenue Agency (CRA), this includes: non-profit organizations; tax-exempt corporations; and inactive corporations.

Most corporations can file their return electronically using the Internet and it is mandatory for certain corporations with annual gross revenues that exceed $1 million.

For small businesses, the type of business structure will affect how your business reports income, the type of returns to complete, and other aspects of your business that may affect your tax filings. To find out more about the impact that your choice of business structure might have, please consult the CRA for information on: Sole proprietorships, Partnerships, and Corporations.

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