Canadian Corporate Tax Filing with income less than $50,000 cad – What You Need to Know

Even if your Canadian corporation had no income during the tax year, it is still legally required to file a T2 Corporation Income Tax Return. For corporations with no activity, a T2 Short Return may be sufficient, provided they meet CRA's eligibility criteria.

Filing a T2 return annually is mandatory for all incorporated businesses in Canada, regardless of revenue. Failure to file, even with zero income, can lead to late-filing penalties, compliance issues, and potential CRA reviews.

To stay compliant and avoid unnecessary penalties, make sure you:

File your T2 Return on time each year.

Maintain basic records like incorporation documents, bank statements, and any expense logs.

Ensure your corporation is in good standing federally or provincially.

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