Allowance for Doubtful Accounts

A tax return is the annual filing that reports your income, deductions and credits to the CRA so the final tax for the year can be settled. Payers withhold tax during the year and the return reconciles that against what you actually owe, producing either a refund or a balance to pay. For 2025 returns filed in 2026, refunds usually arrive in about two weeks for an online return, while a paper return runs on a considerably longer standard because it is handled manually.

Property tax is an annual municipal levy on real estate, charged by the city or town where the property sits rather than by the CRA. The bill is the assessed value of the property multiplied by the tax rate the municipality sets each year, and it funds local services such as roads, waste collection, policing and the education portion the province adds. Assessed value is set by a provincial assessment authority, so it is not the price you paid.

Start in My Account, My Business Account or Represent a Client, where balances, slips, returns, mail and secure messages already sit. For anything the portals cannot do, use the enquiries lines on the CRA's Contact the CRA page, which are toll-free within Canada, or write to the tax centre named on your notice. When the lines are busy the phone system sometimes offers an automated call-back instead of holding.

CIT stands for corporate income tax, the tax a corporation pays on its own profits and reports on a T2 return rather than a personal return. For 2026 a Canadian-controlled private corporation claiming the small business deduction pays a federal rate of 9% on the first $500,000 of active business income, with the federal general net rate at 15%, and a provincial rate applies on top. The T2 return is due six months after the fiscal year end, but the tax itself is due earlier: two months after year end, or three months for a Canadian-controlled private corporation that claims the small business deduction and meets the other conditions.