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CRA charges a late-filing penalty of 5% of the unpaid tax due on the filing deadline, plus 1% for each complete month the T2 return is late, up to a maximum of 12 months. (Penalties for failing to...

Corporate tax filing in Canada is the process of preparing and submitting a T2 Corporation Income Tax Return (T2 return) to the Canada Revenue Agency (CRA) for each corporate tax year (fiscal period)...

The T2 Corporation Income Tax Return must be filed within six months after the end of each fiscal period. If your fiscal year-end falls on the last day of a month, file by the last day of the sixth...

Canadian corporations must file their T2 Corporation Income Tax Return within 6 months after their tax year-end, pay their balance owing within 2 months (or 3 months for eligible CCPCs), and remit...

Canadian taxpayers can pay tax owing to the Canada Revenue Agency online through four authorized methods: online banking with your bank or credit union, the CRA’s My Payment debit service...

A small business in Canada has 1–99 paid employees. Medium-sized businesses have 100–499 paid employees, and large businesses have 500+ paid employees. This employee-based definition is set out in...

Square has reported Canadian merchant transaction data to the Canada Revenue Agency (CRA) under a 2017 Federal Court order. The CRA retains authority to request merchant information from payment...

Independent contractors in Canada report self-employment income on a T1 personal return using Form T2125 (Statement of Business or Professional Activities). You enter gross revenue, subtract eligible...

A Canadian small business pays corporate income tax at a combined rate: the net federal small business rate (9%) plus the provincial/territorial small business rate, on eligible active business income...