Corporate Tax Preparation Services (T2 Filing)

Yes, catch-up T2 filings and voluntary disclosures are available for multiple prior years. If you have unfiled T2 returns for prior years, we can prepare and file those returns to bring your filing status current. Catch-up filings involve preparing returns for years that weren't previously filed, gathering historical documentation, and filing returns for those periods. Voluntary disclosures may be available if you're coming forward proactively about unfiled returns, potentially reducing penalties. However, prior year filings can be time-intensive depending on the number of years, availability of historical records, and complexity of transactions. Late filing penalties and interest may apply depending on circumstances and timing. We assess the situation, estimate scope and timelines, and work through prior years systematically. However, outcomes depend on specific circumstances, CRA policies, and applicable deadlines, so we can't guarantee specific results. We work to resolve filing status efficiently while ensuring compliance and protecting your interests.

Yes, we provide secure CRA e-file with copies provided for your records. E-filing is the standard method for filing T2 returns with CRA, offering faster processing, immediate confirmation of receipt, and reduced risk of lost or delayed returns. We e-file returns securely using CRA's electronic filing system, ensuring returns are transmitted safely and received by CRA promptly. After e-filing, we provide you with copies of the filed returns, including all schedules and supporting documents, for your records. E-filing confirmation is typically received immediately, providing assurance that returns were successfully filed. However, e-filing requires returns to be complete and accurate before filing, and CRA may reject returns if there are errors or missing information. We review returns thoroughly before e-filing to minimize rejection risk, but if CRA rejects a return, we address issues and re-file promptly. E-filing is more efficient than paper filing and is the recommended method for T2 returns.

Yes, we work with holdcos, opcos, and multi-entity groups requiring specialized T2 preparation. Holding companies (holdcos) often have unique tax considerations including investment income, intercompany transactions, and dividend income from operating companies. Operating companies (opcos) typically have business income, deductions, and operational tax matters. Multi-entity groups require coordination across related companies, ensuring proper intercompany transactions, transfer pricing, and group tax planning. We understand the complexities of holdco structures, intercompany relationships, and group tax matters, and we prepare T2 returns accordingly. However, holdco and multi-entity situations can be complex, and proper preparation requires understanding entity relationships, intercompany transactions, and group tax strategies. We coordinate T2 preparation across related entities to ensure consistency and proper treatment of intercompany transactions. If you have holdcos, opcos, or multi-entity groups, we'll discuss the structure and ensure T2 preparation addresses the specific needs of each entity and the group as a whole.

T2 installment requirements depend on your prior year tax owing and current year estimated tax. If your prior year T2 had tax owing above a threshold, you may be required to make quarterly installments for the current year. Installments are typically due on the 15th of each quarter (March, June, September, December) and are based on prior year tax or estimated current year tax. We help calculate installment amounts, prepare installment payments, and coordinate payment with CRA. However, installment requirements depend on prior year tax amounts and CRA's assessment of your situation, so requirements vary by corporation. If installments are required, we'll calculate amounts based on prior year tax or estimated current year tax, whichever is lower, to minimize installment amounts. Installment payments help avoid interest charges on late payment, but overpayments are refunded after year-end return filing. We coordinate installment payments as part of T2 preparation, but installment payment is your responsibility-we calculate amounts and coordinate payment, but you must ensure payments are authorized and made on schedule.

We coordinate T2 preparation closely with bookkeeping and year-end processes to ensure consistency and accuracy. T2 returns are based on financial statements and accounting records, so coordination with Bookkeeping Services and Business Accounting Services is essential. We work with year-end closing processes to ensure accounting records are complete and accurate before T2 preparation begins. We coordinate with financial statement preparation to ensure T2 returns align with financial statements, and we identify any tax adjustments or differences that need to be addressed. Year-end coordination includes ensuring all transactions are recorded, accounts are reconciled, and adjusting entries are made before T2 preparation. However, coordination depends on timely completion of bookkeeping and year-end processes-delays in year-end closing can delay T2 preparation, potentially affecting filing deadlines. We work to establish realistic timelines and coordinate efficiently, but timely completion of bookkeeping and year-end processes is essential for timely T2 preparation. We also coordinate with Financial Statements – Compilation (NTR) to ensure T2 returns and financial statements are consistent.