Business Tax Returns
Even if there is no tax payable, all resident corporations (except tax-exempt crown corporations, hutterite colonies, and registered charities) need to file a corporation income tax (T2) return every tax year. This consists of:
1: Non-Profit Organizations
2: Tax-Exempt Corporations
3: Inactive Corporations
What did you get?
Companies can file their returns electronically using the Internet. It is compulsory for some companies that exceed $1 million annual gross revenues. Non-resident companies have to file T2 return at a certain point.
The two different types of T2 returns are:
- T2 Corporation Income Tax Return
- T2 Short Return