Canadian Corporate Taxes Made Easy With Our Comprehensive Guide

Canadian Corporate Taxes are incredibly important to do correctly. No one wants to face an audit without complete confidence they’ve been filing taxes correctly. Corporate taxes, when filed incorrectly, can also lead to a hefty fine – up to 50% of the amount of understated tax, along with needing to pay the tax as well! Make corporate taxes simple by following the steps and checklists in our free guide!

Canadian Corporate Taxes Guide


We want you to have total peace of mind as you head into tax time. Staying organized throughout the year is only part of the solution, you also need to know what to keep organized. This guide is a blueprint to help you know what to keep track of and what information to provide to your accounting team at tax time. Staying organized will save you both time and money when you’re getting ready to file your corporate taxes.

In this guide to Canadian corporate taxes, we’ve included:

  • Steps for filing taxes completely
  • Information on business deductions
  • Tips for understanding provincial and federal taxes
  • Three checklists for keeping track of your documents and bookkeeping before tax time
  • And more!

Don’t risk heading towards your year end without this guide, it covers everything you need to know to prepare for filing your taxes!

Avoid Corporate Tax Penalties

It is mandatory for every corporation to file a T2 tax form each calendar year. When you must file is based on your corporate year-end. The CRA has laid out a variety of reasons a corporation could be penalized for their corporate tax return.

Here are a few reasons the CRA has listed that you could be penalized for your corporate taxes:

  • failure to file penalties
  • instalment penalty
  • penalty to large corporations
  • penalty for not reporting income
  • penalty for false statements or omissions
  • penalty for misrepresentation in tax matters by a third party
  • penalty to non-resident corporations
  • penalty for non-compliance with mandatory electronic filing
    other penalties

Failing to comply with any of these requirements can lead to thousands of dollars in penalties, along with paying any taxes owing. In order to not risk being negligent with your taxes and getting hit with a fine, be sure to read our guide to Canadian corporate taxes and prepare for filing each year!

Trust Gallo LLP With Your Corporate Taxes

Here at Gallo LLP, our team strives for excellence. Whether you’re running a multi-million dollar franchise or just starting your own business, we’re here to help you with your finance and accounting needs. Our team of experienced Chartered Professional Accountants will work with you to reduce your tax owing as much as possible. Corporate taxes are complicated and consistently evolving, so trust our team’s expertise to get the job done right!

Our corporate tax guide is a fantastic place to begin understanding how your taxes work and what to prepare, but for the best possible result with your corporate taxes, trust Gallo LLP!