Your Tax Experts
Corporate Tax Accountants in Ottawa
Every corporation resident in Canada must file a T2 corporate income tax return each year, even with no income to report. Your T2 is due six months after your corporation's year-end, but any balance owing is due earlier: two months after year-end for most corporations, or three months for many CCPCs claiming the small business deduction.
We prepare, review, and e-file T2 returns for incorporated businesses across Ottawa, and we plan your salary, dividends, and deductions so the next year-end costs you less.
Get In Touch ›
from 80+ reviews
Know Your Dates
Corporate tax deadlines at a glance
These are the CRA deadlines that govern every Ontario corporation. Each one is verified against canada.ca.
| Obligation | CRA deadline |
|---|---|
| T2 return filing | Within 6 months of your corporation's fiscal year-end. |
| Balance of corporate tax owing | 2 months after year-end for most corporations; 3 months for CCPCs claiming the small business deduction whose prior-year taxable income is within the business limit. |
| T4 / T4A / T5 slips and summaries | Last day of February following the calendar year. |
| Late-filing penalty (T2) | 5% of the unpaid balance plus 1% per full month late (max 12 months). Repeated failure after a CRA demand: 10% plus 2% per month (max 20 months). |
A consultant incorporated in 2022 with a June 30 year-end must file her T2 by December 31. Because her corporation is a CCPC claiming the small business deduction, her balance owing is due September 30, three months after year-end rather than six. Many owner-managers discover this gap the expensive way: the return isn't late, but the payment is, and arrears interest has been running since the fall.
Corporate Tax Preparation & Filing
Your T2 return is more than a yearly form; it's the foundation of your corporate tax strategy.
- T2 Return Filing & Review: We prepare and e-file your corporate tax return accurately and on time, with complete GIFI financial statements and every number traceable to a source document.
- Income & Deduction Optimization: We identify every eligible deduction, credit, and carry-forward to reduce your overall tax bill.
- Capital Cost Allowance (CCA): Vehicles, computers, equipment, and leasehold improvements each belong to a specific CCA class with its own rate. We maintain your CCA schedules year over year so nothing is misclassified or missed.
Corporate Tax Planning & Advisory
Smart planning turns tax season into a strategic advantage. Our accountants help you reduce your overall tax burden and structure your business in ways that support long-term growth.
- Compensation Planning: The right salary-dividend mix depends on your corporation's income, your personal cash needs, the RRSP room you want to create, and CPP. We run the comparison with your actual numbers each year, because the right answer changes as your business does.
- Expense & Credit Utilization: Take advantage of every available credit and deduction, including prior-year loss carryforwards we track so they never expire unused.
- Future Tax Forecasting: Anticipate tax implications of investments, loans, or expansions, including whether instalments will apply, before the CRA's interest clock starts.
Shareholder Loans, Draws & Owner-Manager Issues
Money moving between you and your corporation is the most common reassessment trigger we see for Ottawa owner-managers. We keep it clean before the CRA asks.
- Shareholder Loan Review: Draws that aren't recorded as salary or dividends sit in your shareholder loan account. Handled incorrectly, the CRA can tax them in your hands personally. We review and clear the account at every year-end.
- Personal Services Business (PSB) Risk: If you bill through a corporation but work like an employee of one client, the CRA may deny the small business deduction and general rate reduction, add 5% tax, and limit your deductions. We assess the risk factors before the CRA does. (CRA: PSB obligations)
- Instalment Planning: Once your corporation owes enough tax, the CRA expects payments through the year, not one cheque at filing. We calculate whether instalments apply and put the dates in your calendar.
Incorporation & Business Structure Advice
The way you structure your business affects everything, from how you pay yourself to how much you owe in taxes. We help new and growing businesses choose the setup that fits their goals best.
- Sole Proprietorship vs. Incorporation: Compare the real tax and cost implications of each option for your situation, not a generic rule of thumb.
- First T2 Setup: If you've just incorporated, we set up your filing calendar, choose CCA classes correctly from year one, and explain instalments before they apply.
- Long-Term Fit: Choose the most efficient setup for where the business is going, coordinated with your personal tax return so both sides are planned together.
How It Works
How we handle your corporate year-end
From first call to filed return, here is the process every corporate client goes through:
-
Year-end review call
We walk through what changed this year: new assets, new revenue lines, draws taken, and anything the CRA sent you. Then we confirm your filing and payment deadlines.
-
Records tie-out
We reconcile your bookkeeping to your bank statements and prior-year T2 so the return is built on numbers that actually tie. Gaps get flagged to you, not papered over.
-
T2 preparation with full schedules
We prepare the return with complete GIFI financial statements, CCA schedules, and carryforward continuity, with every number traceable to a source document.
-
Review meeting before anything is filed
We go through the draft with you: what you owe, when it's due, the salary/dividend decision for next year, and whether instalments will apply. You sign off before we file.
-
E-filing and follow-through
We e-file the T2, check the notice of assessment against the return when it arrives, and handle any CRA follow-up correspondence on your behalf.
Be Prepared
What to bring to your first appointment
For a corporate year-end, we need the following. Don't worry if something is missing. Incomplete records are normal and we work with what exists.
- Articles of incorporation and any amendments
- Last filed T2 return and the CRA notice of assessment for it
- Year-end bank and credit card statements for all corporate accounts
- Bookkeeping records or trial balance (QuickBooks, Xero, or even spreadsheets)
- Invoices or summaries of major asset purchases and disposals during the year
- Payroll records, T4 summaries, and remittance statements if you have employees
- HST returns filed during the year and your HST account number
- Records of dividends declared and shareholder loan activity
- Any CRA letters or correspondence received during the year
A corporation with a December 31 year-end owes $10,000 and files its T2 four months late. The late-filing penalty is 5% of the balance ($500) plus 1% per full month late ($400), for a total of $900 before arrears interest is added. Filing on time, even when you can't pay in full immediately, avoids the penalty entirely; only interest applies to the unpaid balance.
Help Centre
Questions? Answers.
When is my corporation's tax return due?
Your T2 return is due six months after your corporation's fiscal year-end. Any balance owing is due sooner: two months after year-end for most corporations, or three months for CCPCs claiming the small business deduction whose prior-year taxable income is within the business limit.
So a corporation with a March 31 year-end files by September 30, but its tax payment is due May 31 or June 30 depending on its status. Source: CRA: when to file your corporation income tax return.
Does my corporation need to file a T2 if it had no income?
Yes. Every corporation resident in Canada must file a T2 every year, even with no activity, no income, or a loss. An inactive corporation that skips filing still accumulates non-compliance with the CRA, and losses that go unreported can't be carried forward to offset future profits.
Should I pay myself salary or dividends from my corporation?
It depends on your numbers, and the right answer changes year to year. Salary is deductible to the corporation, creates RRSP contribution room, and builds CPP entitlement, but it comes with payroll remittances. Dividends skip payroll but create no RRSP room and no CPP credits.
Most owner-managers end up with a blend. We model both options against your actual corporate income and personal cash needs before each year-end rather than applying a one-size-fits-all rule.
What expenses can my corporation deduct?
Generally, expenses incurred to earn business income are deductible: salaries, rent, insurance, professional fees, marketing, software, vehicle costs tied to business use, and capital assets through CCA. The common mistakes run in both directions. Personal costs claimed through the corporation can be reassessed and taxed in your hands, while legitimate deductions like home office or carry-forward balances simply go unclaimed.
What is a shareholder loan and why does my accountant keep asking about it?
Your shareholder loan account tracks money flowing between you and your corporation outside of salary and dividends, such as draws you take and expenses you cover personally. If you've drawn more out than you've put in and it isn't cleared correctly, the CRA can include those amounts in your personal income. It's one of the most common reassessment triggers for owner-managed corporations, which is why we review it at every year-end.
Does my corporation have to pay tax instalments?
Possibly. Once a corporation's annual tax bill is large enough, the CRA requires payments through the year rather than one payment at filing. If instalments apply and aren't made, arrears interest accrues on each missed date. We calculate whether your corporation has an instalment requirement and give you the exact dates and amounts.