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Corporate Income Tax Forms TaxTips.ca
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Financial Information

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Business -> Corporate income tax forms

T2 Corporate Income Tax Returns

Forms for filing a corporate tax return can be found on the Canada Revenue Agency (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:

bulletit is a Canadian-controlled private corporation (CCPC)
bulletit has either a nil net income for income tax purposes, or a loss,  in the year to be filed
bulletit has a permanent establishment in only one province or territory
bulletit is not claiming any refundable tax credits (it may be claiming a refund of instalments paid)
bulletit 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.

Provincial/Territorial Corporate Income Tax

Corporations earning income in Quebec and Alberta must file separate provincial corporation income tax returns, because these provinces administer their own corporation income tax systems.  Corporations with permanent establishments in any province or territory other than these will calculate provincial/territorial taxes as well as federal corporate taxes on the T2 corporate income tax return.

For more information on how the provincial/territorial corporate income tax is calculate, See the CRA T4012 Corporate Income Tax Guide section on Provincial and Territorial Tax.

General Index of Financial Information (GIFI)

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:

bulletgross revenue is less than $1 million,
bullettotal assets are less than $1 million,
bulletthe corporation is not a life insurer, deposit insurer, or general insurer, and
bullettax preparation software is not used.

The T2 Corporation Income Tax Return, the T2 Short, the GIFI return and the GIFI Short Form can be found on the CRA web page for Completing your corporation income tax (T2) return.

North American Industry Classification System (NAICS)

CRA requires the T2 to include the NAICS code for the corporation, which describes the type of business being conducted.  Statistics Canada has the NAICS Table in a drill-down format, to help find the appropriate code.

CRA Resources - Corporate Tax Forms and Guides

T1135 Foreign Income Verification Statement - for corporations holding foreign investment property with a cost exceeding $100,000 Canadian, at any time in the tax years.

Schedule 88 Internet Business Activities - if your corporation has a web page or website, it is probably required to file this form.

Schedule 50 Shareholder Information - all private corporations must complete this schedule for any shareholder who holds 10% or more of the corporation's common and/or preferred shares.

Corporate Income Tax Return - includes information on corporate tax year, filing deadlines, and more.

Corporate Tax Payments - due dates, when instalments are required, penalties, interest

T2 Corporation Income Tax Guide (T4012), other Guides, T2 return and schedules

General Index of Financial Information (GIFI) for corporations - includes links to the GIFI guide and form T1178 GIFI short form.

Province of Quebec corporate income tax forms

- from the Quebec website.

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 at least reviewed, by a professional accountant (CPA) experienced in corporate tax!!

Revised: November 06, 2021

 

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