Corporate tax
Corporate Tax (T2) in Toronto
T2 return, notice-to-reader financials, and every required schedule prepared and filed. Fixed CAD pricing, confirmed before work begins.
What we prepare and file
Every T2 engagement covers all four areas. Pricing adjusts to your corporation's complexity, not to the clock.
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T2 corporate return
Full preparation and filing of your federal T2 corporation income tax return, including all required schedules. We handle both active and holding companies.
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Ontario CT23 (if applicable)
Where required, we prepare and file the Ontario corporation tax return alongside the federal T2. Corporate structure determines which provincial forms apply.
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Financial statements
Notice-to-reader financial statements prepared from your records: balance sheet, income statement, retained earnings. Required by most lenders and CRA on audit.
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GIFI and all schedules
General Index of Financial Information mapped correctly, plus all SRED, dividend, shareholder loan, and capital cost allowance schedules that apply to your corporation.
Flat CAD pricing
No hourly billing. Price confirmed in writing after a quick conversation about your fiscal year and transaction volume.
Dormant / Holdco
Holding companies with no active business income and minimal transactions.
- Federal T2 return
- Nil or investment-only income
- Notice-to-reader financials
- Dividend and shareholder loan schedules
Operating Corp
Most commonActive operating corporations with revenue up to $2M and standard complexity.
- Federal T2 + Ontario CT23
- Notice-to-reader financials
- Full schedule package
- CRA review support included
Complex / Multi-entity
Multi-location, multi-shareholder, related-party transactions, or SRED claims.
- All Operating Corp inclusions
- Related-party and interco schedules
- SRED claim coordination
- Prior-year corrections available
Prices in CAD plus HST. Bookkeeping catch-up, multi-year back-filing, and SRED claims quoted separately.
How a T2 gets filed
Most corporate returns are completed within two to three weeks of receiving clean books.
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Send your books
Share your year-end QuickBooks or Xero file, or upload bank statements and invoices. We confirm the fiscal year-end and any outstanding issues.
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We prepare financials
Books are reviewed, adjusted, and compiled into notice-to-reader financial statements. Any questions about unusual transactions are sent to you first.
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T2 and schedules drafted
Corporate return and all applicable schedules prepared and reviewed internally. We flag any tax planning opportunities before filing.
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Director approval, then filed
You review and authorize. We e-file with CRA, confirm the submission receipt, and send you the complete return package for your records.
Not sure whether to pay yourself salary or dividends? Try our free 2026 Salary vs Dividend Calculator to compare the real after-tax numbers for your Ontario corporation.
Corporate tax questions
Common questions from incorporated business owners in Ontario.
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When is the T2 deadline for my corporation?
The T2 return is due six months after your corporation's fiscal year-end. If your year-end is December 31, the deadline is June 30 of the following year. Any tax owing is due three months after year-end, not six. -
What if my books are not up to date?
We can clean up and finalize your records as part of the engagement. Bookkeeping catch-up is quoted separately based on volume. Most corporate clients have us handle year-end cleanup and the T2 together. -
Do I need financial statements as well as a T2?
Technically CRA requires only the GIFI data embedded in the T2, but most lenders, shareholders, and your own records require proper financial statements. We include notice-to-reader financials in every corporate return. -
What is the small business deduction?
Canadian-controlled private corporations (CCPCs) pay a reduced federal rate of 9 percent on the first $500,000 of active business income - the small business deduction limit. We optimize shareholder compensation to maximize access to this rate. -
Can you file prior-year returns I missed?
Yes. Late corporate returns attract a $25/day penalty up to $2,500 per return. We file all outstanding years and, where possible, request penalty waivers through CRA's taxpayer relief provisions. -
Do you handle SRED tax credit claims?
Yes for standard SR&ED claims on qualifying R&D expenditures. Complex or large SR&ED projects with technical reports may require a specialist; we refer those cases and coordinate the technical and financial portions.
Get a free quote
Tell us your fiscal year-end, revenue range, and number of shareholders. Fixed price back within one business day.
Prefer email? Write to support@prismaaccounting.com.