Did you know? All corporations — including non-profit organizations, tax-exempt corporations, and inactive corporations — have to file a T2 Corporate tax return for every tax year, even if there is no tax payable.
Common Questions and Answers Regarding T2 Corporate Tax Returns
Q. If I need a new corporation set up, can you do that for me?
A. Yes, we can register a corporation for you. Click this link for details on setting up a new corporation in Manitoba.
Q. What do you need from me?
A. We need a complete set of financial statements. It should include a balance sheet, income statement, amortization schedule of assets. If you have a copy of your previous year T2, this is also helpful.
Q. What does a Basic Corporate return cover?
A. It covers the filling out and electronic filing of a T2 Corporate Tax form and all the necessary schedules.
Q. How quickly does my return get done?
A. We ask that you allow us 5 business days from the day you upload your documents.
Q. What type of file do I need to send?
A. You can take a picture or scan the financial statements and attach as a JPEG or PDF. So long as the details can be seen clearly, that’s all that matters.
Q. Can I drop off my papers instead?
A. Certainly! If you prefer dealing in paper, that’s fine with us. Just give us a call at (204) 231-0947 and arrange an appointment.
Q. Can I pay by Cash, Cheque or e-Transfer?
A. Yes, just email your financial statements and information to info@currieaccounting.com and specify how you will be paying. E-Transfer’s should be sent to lionel@currieaccounting.com
Q. When do I have to file my corporate tax return?
A. You need to have your corporate tax return filed within 6 months of your fiscal year end to avoid penalties. However, most corporations must pay the amount of tax owing within 3 months of their fiscal year end to avoid interest charges.
Q. What happens if I file later than 6 months after my year end?
If you file your return late, a penalty applies. The penalty is 5% of the unpaid tax that is due on the filing deadline, plus 1% of this unpaid tax for each complete month that the return is late.