Tax Tip: T2 Filing Made Easy

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Personally, I don’t electronically file T2 Corporation Tax Returns and probably never will. It’s not a big deal to paper file. A separate bar Federal Bar Code coversheet attached to the RSI Printing summary of the entire T2 is not a waste of paper consumption in my mind, and usually (for my clients) assessments usually happen between 2 and 4 weeks for corporate returns. I’m “old school”! I have my clients sign the filing copy of T2 and deliver it with a cover page right to Canada Revenue Agency’s door myself. CRA stopped sending back acknowledgement notices or mailing receipts, but I be sure to smile for the cameras and point the envelope cover to the camera.

Of course if your company is required to make large instalments and by the time you file your T2 Tax Return you have a loss in the company and want your refund as quick as possible, then Efiling might be the way to go. Assessments (for clients of other professionals that I know) usually happen within 10-15 days. I am not suggesting that one way is better or worse than the other. As you know .. most refunds people and corporations are getting – are their own money. Some want it back as soon as possible, and others don’t mind carrying it forward towards the next fiscal year.

So .. having given you my 2 cents … I continue.

The following is now available on the CRA Web site:

Did you know…

That you can file corporation income tax returns electronically from your desktop computer? The benefits of using the Corporation Internet Filing service include receiving an immediate confirmation of receipt and faster processing and refunds. Join us in creating a sustainable environmental footprint by reducing our paper consumption.

Tax professionals can use their EFILE number and password to file eligible corporation income tax returns on behalf of their clients. Need to pay a balance owing? Many businesses find it convenient to use their financial institution’s Internet or telephone banking service.

For more information on filing a T2 return electronically, visit http://www.cra.gc.ca/corporation-internet.

You can also view the status of a return and access the account balance and transactions, and other services for corporation income tax accounts online. For more information, visit http://www.cra.gc.ca/mybusinessaccount.

SOURCE: CRA Newsroom

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