Where can I get the forms to file a
corporate tax return?
Forms for filing a corporate tax return can be found on the CRA
website. The tax return for a corporation is called a T2
Corporation Income Tax Return. There is also a "T2 Short",
which is a simpler version. The T2 Short can be used if a corporation
meets all of the following conditions:
it is a Canadian-controlled private corporation (CCPC)
it has either a nil net income for income tax purposes, or
a loss, in the year to be filed
it has a permanent establishment in only one province or
territory
it is not claiming any refundable tax credits (it may be
claiming a refund of installments paid)
it did not receive or pay out any taxable dividends.
The T2 Short return can also be used for a tax-exempt
corporation which has a permanent establishment in only one province or
territory.
Corporations must also file a General Index of Financial
Information (GIFI) return with their corporate tax returns, for taxation years
ending in 2000 and later, except for insurance corporations. The GIFI
reports information from the corporation's income statement, balance sheet,
and statement of retained earnings.
There is a GIFI Short Form available for corporations who
meet all of the following criteria:
gross revenue is less than $3 million,
total assets are less than $3 million,
the corporation is not a life insurer, deposit insurer, or
general insurer, and
Tax tip: Unless a person has been trained
in preparing corporate tax returns and is up to date on current tax laws,
the return should be prepared or reviewed by a professional accountant.
The information on this site is not intended to be a
substitute for professional advice. Each person's situation differs, and
a professional advisor can assist you in using the information on this web
site to your best advantage.
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disclaimer.
