Corporations Quick guide
You incorporated. The CRA could still treat you like an employee: 5 questions about personal services businesses
Having a corporation does not by itself decide how the CRA taxes the income.
Tax guides › Corporations
Corporation tax guides
A corporation is a separate taxpayer with its own return, its own records and its own rules for paying the people who own it. These guides cover the decisions owners make most often and the filings that are easy to miss, including the T2 that is due even when the company was inactive.
The personal services business guide is worth reading for anyone who incorporated to work for one main client. The corporate-owned life insurance guide explains the capital dividend account without the sales pitch.
7 guides in this topic
Corporations Quick guide
7 things to do in the first 30 days after incorporating in BC
Open a bank account in the company's name. Decide how the books will be kept. Set up the CRA accounts the company needs.
Corporations Practical guide
Corporate year end: what should you give your tax preparer?
Bring your bookkeeping records for the year. Bring bank and credit card statements.
Corporations Practical guide
Does an inactive corporation still need to file a T2 return?
Yes. Every resident corporation must file a T2 return for every tax year, even if it had no income, no activity and no tax to pay.
Corporations Quick guide
Life insurance inside a corporation: 5 tax questions owners should understand
A private corporation that receives life insurance proceeds as beneficiary can add the proceeds, minus the policy's adjusted cost basis, to its capital dividend account.
Corporations Quick guide
Salary or dividends? 5 questions to ask before paying yourself from your corporation
It depends on you and the company, not on a rule of thumb. Salary is employment income: it builds RRSP room and CPP, but it needs a payroll account and deductions through the year.
Corporations Quick guide
What records should a corporation keep before year end? A 10-item check
Have ten things ready before your year end. Every bank and credit card statement.
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Corporate Tax Returns in SurreyBookkeeping, Payroll and GST Filing in Surrey
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