Envolta is a full service Hamilton accounting firm that can provide a variety of tax services including corporate tax services; Envolta can act as your corporate tax accountant in Hamilton and provide corporate tax services in Hamilton and anywhere else in the Toronto area. We also work with many of our clients through remote capabilities.
According to Canada Revenue Agency, all resident corporations (except crown corporations and resident charities) have to file a corporate income tax (T2) return every tax year even if there is no tax payable. This includes but is not limited to the following:
- Non-profit organizations
- Tax-exempt corporations; and
- Inactive corporations
As your corporate tax accountant in Hamilton, Envolta will ensure that you file your return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period. When the corporationís tax year ends on the last day of the month, returns should be filed by the last day of the sixth month after the end of the tax year. When the last day of the tax year is not the last day of the month, file the return by the same day of the sixth month after the end of the tax year. Please keep in mind that even though the filing date of the return is six month after the end of the tax year, if any amount of money is owed in the form of corporate income tax then tax payments must be made no later than three months (90 days) after the end of the tax year. For example, if your fiscal year end is December 31, XXXX. The corporate return would have to be filed by June 30 of the current fiscal year, but any taxes owed must be paid by March 31 of the current fiscal year. Any payments that are received late will be subject to interest and penalties by the CRA.