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TURBOTAX CANADA BUSINESS INCORPORATED PDF
TURBOTAX CANADA BUSINESS INCORPORATED PROFESSIONAL
TURBOTAX CANADA BUSINESS INCORPORATED DOWNLOAD

However, if you end up owing taxes, you must pay them no later than three months after the end of your fiscal year. Timing-wise, you need to file your corporate tax return no later than six months after the end of your tax year. The corporation’s tax year is its fiscal period, so you have to file and pay corporate income tax when your corporation’s fiscal period ends.

Tax years are different for corporations than they are for individuals. You can learn more about a “Nil tax return” here. There is also a “T2 Short Return,” which is a simpler version of the T2 return and can be used if your corporation does not have any activity.

Schedule 88 – Internet Business Activities: if your corporation has a website and earns money from it, you must fill out this form.

Schedule 200 – T2 Corporation Income Tax Return.

Schedule 11 – Transactions with Shareholders, Officers or Employees.

Schedule 1 – Net Income for Tax Purposes.

Schedule 3 – Dividend Received, Taxable Dividend Paid, and Part IV Tax Calculation.

Schedule 125 – Income Statement Summary.

Schedule 100 – Balance Sheet Information.

Schedule 24 – First-time Filer after Incorporation.

The most common schedules to fill out include: For example, if you didn’t make any charitable donations, you don’t need to complete the T2SCH2 Charitable Donations and Gifts schedule. The actual list of schedules is very long, and you don’t need to file all of them. The Index reports information from the corporation’s income statement, balance sheet, and retained earnings statement (your financial statements).ĭepending on your corporation’s operations, you may also need to prepare other T2 Returns and Schedules. Speaking of financial statements, you must also file a General Index of Financial Information (GIFI) with your tax return. They all have names to help you understand them. You will need to attach your corporation’s financial statements by filling out specific schedules required by the CRA. If a corporate income tax return is sent electronically by someone other than a company representative, an authorized signing officer of the corporation must complete and sign a Form T183CORP.

TURBOTAX CANADA BUSINESS INCORPORATED DOWNLOAD

You can download the form from our website.

TURBOTAX CANADA BUSINESS INCORPORATED PDF

The T2 form is an editable, nine pages long PDF document. You must submit your corporate income tax return (T2) to the Canada Revenue Agency (CRA) every year.

TURBOTAX CANADA BUSINESS INCORPORATED PROFESSIONAL

A tax specialist not only minimizes the chance of errors, but a professional accountant knows what extra credits you can apply and all the expenses you can claim in your tax return. On the other hand, once your business grows and you consider it your primary income source, you should hire a professional who can help with the taxes. You may know your business well enough to cut a few corners and try to avoid paying taxes where you should, which may result in an audit and paying fines to the CRA.

Just make sure there is no conflict of interest here. In this case, you are already familiar with the process, and it does not make sense to hire extra help. Still, you need to understand that corporate tax returns are much more complex than personal income tax, so the chances of you making mistakes are much higher.įiling your T2 tax return also makes sense if you have an accounting degree and have experience doing it in the past. Therefore, figuring out what forms you need to fill out to file with the CRA is possible. Nobody knows your business better than you, and you might even have some bookkeeping experience. While paying for tax services is not the most significant business expense, some business owners want to do it themselves. The primary reason is to save money on accountancy fees. Before going into the details of preparing your corporate taxes, let’s try to understand why business owners would want to do so.