Understanding corporate tax filings for Calgary businesses
Corporate tax returns are related to submitting the t2 corporate income tax return to the Canada revenue agency (CRA). Every business in Calgary (big or small, irrespective of revenue) is required to report annually, even if no taxes are to be paid. This filing is mandatory and serves as notice to the CRA of what the corporation is doing financially. It is crucial to maintain a good reputation with the tax authorities and prevent a fine for noncompliance. Timely filing is an important part of preventing interest charges or legal messes. When is the corporate tax return due? Corporate tax returns are typically due six months after a company’s fiscal year ends. But taxes owing must be paid within three months of the fiscal year end to avoid penalties and interest. What information is needed to complete a corporate tax return? You will want precise financial statements of income, expenses, assets and liabilities. Also pertinent are information about ...