Tag Archives | Canada Corporate Taxes

When and how do corporations pay income tax?

Corporations have to pay income tax in monthly or quarterly installments unless the total of Part I, Part VI, Part VI.1, and Part XIII.1 taxes payable for either the previous year or the current year is $3,000 or less. The balance of tax the corporation owes for a tax year is due within either two […]

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Canada Tax Return for Non-resident corporations

A non-resident corporation has to file a T2 return if, at any time in the year, one of the following situations applies: it carried on business in Canada it had a taxable capital gain it disposed of taxable Canadian property unless the disposition meets all the criteria listed below in the section “Dispositions of taxable […]

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Ontario income tax on individuals and corporations.

In Canada, both the Ontario and federal governments impose an income tax on individuals and corporations. The federal government collects personal income taxes for Ontario. residents of Ontario file one combined federal and Ontario income tax return with the Canada revenue Agency (the “CRA”). As a result of a “harmonization”, effective for tax years beginning […]

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