As we enter the thick of tax season, we want to remind Canadian corporations with a December 31st year-end that March 31st is the deadline to pay any taxes owed. In accordance with the Canadian laws, CRA requires filing of the corporate tax return and payment of all tax amounts owed within three months of your fiscal year-end to avoid interest charges and penalties. If a corporation does not owe taxes, it can extend the filing deadline until June 30.

If you haven’t made your payment yet, there’s still time to take action today. And if you're feeling behind, we’re here to support you, whether it’s getting your financials in order, filing your return, or planning ahead for next year. Here's what you need to know:

Who Needs to File?
All corporations operating in Canada must file a T2 return every year, even if they:

• Had no taxable income
• Were inactive during the year

Why It Matters

Missing the March 31st deadline can result in:

• Late filing penalties – 5% of the unpaid tax plus 1% per full month late (up to 12 months)
• Accrued interest on any unpaid tax balances
• Compliance risks that can affect your corporate status and future filings
• Risk of being audited by the CRA,

What You’ll Need to File
Having the following documents ready will help ensure a smooth process:
📌 In-house financial statements (income statement, balance sheet, etc.)
📌 Revenue, expense, and tax credit details
📌 Records of dividends, shareholder loans, and financial transactions
📌 Last year’s return for reference (if available)

Need Support? We’re Here to Help
Tax season can feel overwhelming, but our experienced team is here to make it easier. We can assist with:
✅ Preparing and filing your T2 Corporate Tax Return
✅ Ensuring compliance with CRA reporting requirements
✅ Identifying deductions and credits that benefit your business
✅ Providing year-round tax planning support
Let us take the stress out of tax season, so you can stay focused on running your business.
Need help filing your T2 return?