Corporate Tax
Who I help
If you own a corporation, you have to file both a personal tax return (T1) and a corporate tax return (T2). Below are just some of the corporations I help to comply with all CRA corporate tax filing obligations:
- Small businesses across all industries (construction, retail, consulting, etc.)
- Professional corporations (e.g., lawyers, engineers, doctors, dentists)
- Holding corporations (e.g., holding only rental properties or other investments)
Core Services Offered
Navigating corporate taxes requires more than just meeting deadlines—it demands a clear strategy to protect your cash flow and keep your business compliant with the CRA. I work directly with owners of corporations to deliver precise T2 filings, tax-efficient compensation strategies, and year-round corporate tax support.
T2 Return Preparation
Electronic filing of annual T2 return and completion of all required schedules. If needed, I can also compile your financial statements which are required for filing.
Compensation Planning
Designing tax-efficient compensation strategies for owner — evaluating the optimal mix of salary vs. dividends, building RRSP contribution room, managing bonus accruals, and maintaining the shareholder loan account.
GST/HST Tax Filings
Filing all required GST/HST returns, maximizing input tax credit (ITC) claims, and helping you determine whether the alternative quick method of filing may be beneficial to you.
Corporate Tax Planning
Strategic advice in multiple areas including holding company structures, section 85 rollovers, passive income rules, and maximizing the small business deduction.
How do I get started?
Getting started is as easy as following the steps below. My top priority is to make the process as easy and straightforward as possible for you, from onboarding to final delivery of the services you requested.
2. Onboarding
Getting set up with DDS Tax Services has never been easier.
Once you've set up an account for my dedicated client portal, you'll be able to chat with me, upload your documents securely, and track the status of your file - all from the comfort of your home.
3. Delivery
Once I receive all of your information, you can leave the rest with me! I will work on your file and let you know once it's finished.
I will then walk you through the final product and answer any of your questions.
Frequently Asked Questions
Here are the answers to some of the more common questions around corporate tax filing.
When is my T2 return and any balance owing due?
Your T2 return is due 6 months after your corporation’s fiscal year-end. However, any tax balance owing is due earlier—typically 3 months after fiscal year-end for eligible Canadian-Controlled Private Corporations (CCPCs) claiming the small business deduction, or 2 months for all other corporations.
Should I pay myself in salary or dividends?
While there is no one-size-fits-all approach, I will help you design an optimal strategy that is aligned with your personal financial goals. Considerations include your corporation's current cash flow, your desire to contribute to an RRSP or receive CPP upon retirement, your plans to obtain a personal loan, and more.
What documents do I need to provide?
The CRA requires that all T2 returns include a year-end balance sheet and income statement. I will also need a copy of last year's T2 return, and details on the ownership structure of the corporation. I will provide you with a checklist to ensure that nothing is missed. I can also assist in the compilation of financial statements.
Do I need to file a T2 return if I had zero income?
Yes. The CRA requires every corporation in Canada to file an annual T2 corporate tax return, even if the corporation had no activity, generated zero revenue, or operated at a loss. There are very limited exceptions to this rule, none of which apply to Canadian small businesses.