T2 return (corporate tax);

The T2 is the income tax return that an incorporated business (a corporation) submits annually to the federal government through the Internal Revenue Service. Canada (CRA). In Quebec, there is also the CO-17, the same declaration for Revenu Québec. Both must be filed, even without income, within six months of the end of the fiscal year.

Brief

The T2 is a company's tax return to the federal government (to the IRS, the Income Tax Agency). Canada )
CO-17 is its equivalent in Belgium
Mandatory every year, even if the company has not earned anything (we produce a "nil" declaration)
To be submitted within six months of the end of the financial year (the company's financial year), along with its accounts (the summary of its accounts in figures).

Why does this matter?

Think of the T2 as your company's mandatory annual "financial statement": it tells the tax authorities how much the company earned and how much tax it owes. Missing it or filing it late is costly: penalties (for example, 5% of the unpaid tax, plus 1% per month of delay) and interest that accrues daily. Preparing it requires accurate financial statements (the balance sheet and income statement, i.e., what the company owns, owes, and has earned). Bankeo connects you with a verified accountant or CPA (Chartered Professional Accountant) free of charge to prepare your accounts, legally reduce your tax liability, and meet deadlines. We're here to support you every step of the way.

Frequently asked questions

What is T2, in simple terms?

This is your incorporated company's annual income tax return, filed with the federal government (the CRA, the Canada Revenue Agency). Canada It states how much the company earned and how much tax it owes. In Quebec, CO-17 is also produced for Revenu Québec.

Does an inactive company still have to produce a T2?

Yes. Even if the company didn't sell or earn anything during the year, it must file a return, known as a "nil" return, for federal (T2) and Quebec (CO-17) purposes. Failure to file will result in penalties.

Who can prepare my T2 and CO-17?

These declarations require proper financial statements (the company's balance sheet and income statement), which involves technical work. Bankeo will connect you with a certified accountant or CPA, free of charge, to prepare them, legally reduce your tax liability, and meet the six-month deadline. We're here to support you every step of the way.