A corporation is a separate legal entity. It can enter into contracts and own property in its own name, separately and distinctly from its owners.
A corporation must file a corporation income tax return (T2) within six months of the end of every tax year, even if it does not owe taxes.
It also has to attach complete financial statements and the necessary schedules to the T2 return.
The tax year for a corporation is its fiscal period.
Proper bookkeeping is essential in a preparation of your Corporate Income Tax Return.
Piligrim Accounting offer full range of bookkeeping services in order to build solid foundation for your income tax return preparation.
Keeping your books in order helps you to estimate your tax liability well in advance. That way you can plan all your corporate business activity accordingly. It will not surprise you at the end of the fiscal year.