A corporation is a distinct entity. The corporation operates as an artificial person that exists apart from its owners. All corporations have to file a corporation income tax (T2) return every tax year even if there is no tax payable.
The corporation’s tax year, also called its fiscal period, is normally declared on its first T2 return after incorporation. Generally, unless you have received approval to change the tax year, the corporation’s tax year is the same from year to year.
Corporation income tax (T2) is due six months after the end of the tax year.
Bookkeeping (record keeping) plays a key role in preparing corporation income tax returns. Bookkeeping is the foundation. Without proper bookkeeping, there is no way you can get a corporation income tax return done properly.
At Proccounting, corporation income tax return preparation starts from a solid foundation – bookkeeping. We have the expertise, systems, and resources to work on your detailed bookkeeping so that your corporation income tax return is prepared with a solid financial record support.
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