Home / Services / Corporate tax — T2
Home / Services / Corporate tax — T2
Corporate tax
— T2
Corporate tax
— T2
Corporate tax
— T2
Year-end statements and your T2 return, with the planning conversation held before the year closes — while decisions can still change the result.
Year-end statements and your T2 return, with the planning conversation held before the year closes — while decisions can still change the result.
01 The problem
01 The problem
Tax planning after
year-end is just
arithmetic.
Tax planning after
year-end is just
arithmetic.
Tax planning after
year-end is just
arithmetic.
Once your fiscal year has closed, almost every lever has been pulled. Bonus accruals, capital purchases, compensation mix and dividend timing all had to be decided while the year was still open. We schedule the planning conversation in month ten so there is something left to decide.
Once your fiscal year has closed, almost every lever has been pulled. Bonus accruals, capital purchases, compensation mix and dividend timing all had to be decided while the year was still open. We schedule the planning conversation in month ten so there is something left to decide.
What’s included
What’s included
01
01
Compilation or review engagement financial statements
Compilation or review engagement financial statements
02
02
T2 return with all supporting schedules
T2 return with all supporting schedules
03
03
Salary, dividend and bonus planning before year-end
Salary, dividend and bonus planning before year-end
04
04
Capital cost allowance and asset decisions
Capital cost allowance and asset decisions
05
05
Instalment calculations for the coming year
Instalment calculations for the coming year
06
06
CRA correspondence and assessment review
CRA correspondence and assessment review
02 How it runs
02 How it runs
The year-end
timeline.
The year-end
timeline.
The year-end
timeline.
Filing is due six months after your year-end, but the balance is payable in two or three. Working backwards from the payment date, not the filing date, is what keeps clients out of interest.
Filing is due six months after your year-end, but the balance is payable in two or three. Working backwards from the payment date, not the filing date, is what keeps clients out of interest.
Month 10
Month 10
Planning review
Planning review
We look at the year to date and decide compensation, purchases and timing while the year is still open.
We look at the year to date and decide compensation, purchases and timing while the year is still open.
Year-end
Year-end
Close & collect
Close & collect
The books are closed and the year-end file assembled from the monthly work already done.
The books are closed and the year-end file assembled from the monthly work already done.
+6–8 weeks
+6–8 weeks
Statements & return
Statements & return
Financial statements prepared, T2 drafted, and both reviewed with you before anything is filed.
Financial statements prepared, T2 drafted, and both reviewed with you before anything is filed.
Payment date
Payment date
Balance & instalments
Balance & instalments
Balance paid on time — two months after year-end, or three for eligible CCPCs — and next year’s instalments set.
Balance paid on time — two months after year-end, or three for eligible CCPCs — and next year’s instalments set.
Month 10
Planning review
We look at the year to date and decide compensation, purchases and timing while the year is still open.
Year-end
Close & collect
The books are closed and the year-end file assembled from the monthly work already done.
+6–8 weeks
Statements & return
Financial statements prepared, T2 drafted, and both reviewed with you before anything is filed.
Payment date
Balance & instalments
Balance paid on time — two months after year-end, or three for eligible CCPCs — and next year’s instalments set.
03 Questions
03 Questions
Straight answers to the usual questions.
Straight answers to the usual questions.
Straight answers to the usual questions.
The questions owners ask most often about this service.
The questions owners ask most often about this service.
When is my T2 actually due?
When is my T2 actually due?
The return is due six months after your fiscal year-end. The balance owing is due earlier: two months after year-end for most corporations, or three months for a Canadian-controlled private corporation claiming the small business deduction and meeting the CRA’s conditions. Filing on time but paying late still attracts interest.
The return is due six months after your fiscal year-end. The balance owing is due earlier: two months after year-end for most corporations, or three months for a Canadian-controlled private corporation claiming the small business deduction and meeting the CRA’s conditions. Filing on time but paying late still attracts interest.
Do we need audited financial statements?
Do we need audited financial statements?
Most owner-managed corporations do not. A compilation engagement is usually sufficient unless a lender, shareholder agreement or funder specifically requires a review or audit. We will tell you which applies rather than selling you the most expensive option.
Most owner-managed corporations do not. A compilation engagement is usually sufficient unless a lender, shareholder agreement or funder specifically requires a review or audit. We will tell you which applies rather than selling you the most expensive option.
Should I pay myself salary or dividends?
Should I pay myself salary or dividends?
It depends on RRSP room, CPP position, income level and whether the corporation needs the deduction. It is a genuine calculation, not a rule of thumb, and it is part of the year-end planning review.
It depends on RRSP room, CPP position, income level and whether the corporation needs the deduction. It is a genuine calculation, not a rule of thumb, and it is part of the year-end planning review.
What if we have several corporations?
What if we have several corporations?
Associated corporations share the small business deduction limit and have to be planned together. Bring the whole group to the first conversation.
Associated corporations share the small business deduction limit and have to be planned together. Bring the whole group to the first conversation.
Book a consultation
Book a consultation
Plan the year-end
before it closes.
Plan the year-end
before it closes.
Plan the year-end
before it closes.
If your year-end is within the next four months, this is the right time to talk. Bring your year-end date and last filed T2.
If your year-end is within the next four months, this is the right time to talk. Bring your year-end date and last filed T2.
Book a consultation
Call the office
01
Compilation or review engagement financial statements
02
T2 return with all supporting schedules
03
Salary, dividend and bonus planning before year-end
04
Capital cost allowance and asset decisions
05
Instalment calculations for the coming year
06
CRA correspondence and assessment review
When is my T2 actually due?
The return is due six months after your fiscal year-end. The balance owing is due earlier: two months after year-end for most corporations, or three months for a Canadian-controlled private corporation claiming the small business deduction and meeting the CRA’s conditions. Filing on time but paying late still attracts interest.
Do we need audited financial statements?
Most owner-managed corporations do not. A compilation engagement is usually sufficient unless a lender, shareholder agreement or funder specifically requires a review or audit. We will tell you which applies rather than selling you the most expensive option.
Should I pay myself salary or dividends?
It depends on RRSP room, CPP position, income level and whether the corporation needs the deduction. It is a genuine calculation, not a rule of thumb, and it is part of the year-end planning review.
What if we have several corporations?
Associated corporations share the small business deduction limit and have to be planned together. Bring the whole group to the first conversation.
Ledgerline
Chartered Professional Accountants
Street address · City, Province, Postal code
Firm
Information on this website is general in nature and is not accounting, tax or legal advice. Filing dates vary with your fiscal year-end and move when they fall on a weekend or public holiday. Speak with us about your own circumstances before acting.
© 2026 Ledgerline. All rights reserved.
Registered with CPA Ontario
Ledgerline
Ledgerline
Chartered Professional Accountants
Street address · City, Province, Postal code
Firm
Information on this website is general in nature and is not accounting, tax or legal advice. Filing dates vary with your fiscal year-end and move when they fall on a weekend or public holiday. Speak with us about your own circumstances before acting.
© 2026 Ledgerline. All rights reserved.
Registered with CPA Ontario
Ledgerline
Ledgerline
Chartered Professional Accountants
Street address · City, Province, Postal code
Firm
Information on this website is general in nature and is not accounting, tax or legal advice. Filing dates vary with your fiscal year-end and move when they fall on a weekend or public holiday. Speak with us about your own circumstances before acting.
© 2026 Ledgerline. All rights reserved.
Registered with CPA Ontario
Ledgerline