ClearWealth prepares and files T2 corporate returns for companies across Toronto, from our office at 1457 McCowan Road in Scarborough. Most of our clients are owner-managed: one shareholder, or two or three, in trades and construction, professional practice, consulting, real estate and transport.
If your year end has passed, or several have, tell us the date and the state of the books. We will tell you what the work involves before you commit to anything.
What filing a T2 in Toronto actually involves
The return itself is the last step. Before it there is a set of books that has to reconcile, financial statements, and the GIFI schedules the CRA wants alongside them. Where the bookkeeping is current that is a matter of weeks; where a year has to be rebuilt from bank statements first, longer. The detail is on our corporate tax return page.
The payment date, not the filing date
A Toronto company's T2 is due six months after its year end, but the tax is generally due two months after it — three for some Canadian-controlled private corporations. That gap is where interest quietly accrues on returns that are not even late. We work the numbers early enough that you know the figure before the payment date rather than after it.
If you are behind
Unfiled corporate returns are the commonest reason a business calls us and they are fixable. We work through the outstanding years in order, file them, and make the case on penalties and interest where there is one to make.
What usually comes with it
- Bookkeeping — so next year's return is not a reconstruction.
- Financial statements — for the CRA, and for a lender when one asks.
- HST filings — reconciled to what has actually been filed and paid.
- Tax planning — salary against dividends, settled before the year end rather than after.
Across the city
We act for businesses in downtown Toronto, North York, Etobicoke, Scarborough, Markham, Vaughan, Mississauga, Pickering and Ajax, in person where it is easier and by email and video call where it is not. See also small business accountant in Toronto and accountant in Scarborough.
Our office
ClearWealth Accounting Advisors
1457 McCowan Rd, Suite 202
Toronto, Ontario M1S 5K7
Get directions
Open Monday to Friday, 9 a.m. to 6 p.m.
Phone: (437) 290-5117
Email: info@clearwealth.tax
