A corporation is a separate legal entity from its owner and is required to file a separate corporate tax return, known as a T2. While your corporation may be controlled by you, it is essentially its own legal entity.
The corporate tax balance owing must be paid to CRA within 3 months of the corporate year end to avoid interest, but the corporate tax return only needs to be filed within 6 months of the corporate year end to avoid late filing penalties.
As part of the process of preparing the corporate year-end financial statements, my firm can use the information gathered to prepare your corporation’s tax return.
You can’t cheat on your taxes, but you can make informed decisions to optimize your tax affairs. Let my firm help you make those informed decisions.
For more information on corporations, including tax planning with a corporation, check our ‘What is a Corporation?’ page.