According to the Canada Revenue Agency, all resident corporations must file a corporate income tax (T2) return every tax year even if there is no income. Resident corporations that must comply with this rule include but are not limited to the following:
-
Non-profit organizations
-
Business corporations
All T2 returns must be filed no later than six months after the last day of a corporation’s tax year, and if any amount of money is owed in the form of corporate income tax, then tax payments must be made no later than 90 days after the end of the tax year.
For example, if your corporation’s fiscal year ends on December 31 then the corporate return must be filed by June 30 of the following year, but any taxes owed must be paid by March 31.
If the return is filed too late or if there are any late payments, the corporation will be subject to interest and penalties by the CRA.