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At Tax Filings Canada, we handle every part of your corporate tax balance-owing review, from the filing itself to the planning around it. Our accountants work with corporations and business owners every week, so you can focus on running and growing your business.
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Yes — corporate tax balance-owing review can be handled entirely online. Tax Filings Canada covers the T2 return with full GIFI schedules and every provincial filing that applies for incorporated businesses and CCPCs at affordable fixed fees, pay-after-service.
Upload, email, or drop off your paperwork — whichever you prefer.
Behind the scenes, we assemble and double-check your corporate tax balance-owing review filing.
Nothing is filed until you have seen it, understood it, and approved it.
We take care of the submission and send you confirmation for your records.
| Factor | Tax Filings Canada | Typical Firm |
|---|---|---|
| Pricing model | Fixed, flat fee | Hourly / unpredictable |
| Payment | Pay after service | Upfront retainer |
| Price match | Yes, on written quotes | Rarely |
| CRA audit support | Included | Billed extra |
| Typical turnaround | 3-5 business days | 2-4 weeks |
CRA reviews are won on documentation: every figure filed should trace to a source document, and deadlines — 90 days for an objection — are unforgiving. A CCPC's T2 is due six months after year-end, but the balance owing is due within two months — three for many small CCPCs claiming the small business deduction. Our corporate tax balance-owing review engagement is priced as a affordable flat fee, so the cost is known before the work starts.
There is a version of corporate tax balance-owing review that runs smoothly and a version that turns into correspondence. The difference is rarely luck; it comes down to details any tax professional handling these files weekly learns to check first.
The first thing worth pinning down is this: The 9% federal small business rate applies to the first $500,000 of active business income. That limit is shared across associated corporations rather than available to each of them.
Right behind it comes a rule owners rarely hear about until it bites: A CCPC’s T2 is due six months after year-end, but the balance owing is due two months after year-end. For many small CCPCs claiming the small business deduction, the balance is due three months after year-end. Filing on time does not stop interest running on an unpaid balance. The last of the major rules is about when, not what. A review is won on documentation created at the time, not on explanations offered afterwards. The CRA asks for the source records behind a figure, and an unsupported claim is simply disallowed. Most reassessments we reverse are not the result of a wrong position — they are the result of a correct position with no contemporaneous paper trail behind it.
What this means in practice: the rules themselves are public, but applying them to your situation is where a tax professional earns the fee. Two files can read the same rules and land in very different places. Nothing slows a file like missing records, so for corporate tax balance-owing review begin with.
The fee is fixed and agreed before any work starts, you review every figure, and payment happens only after the work is done.
Providing transparent fixed pricing and high-quality compliance work for your corporate tax balance-owing review requirements.
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Providing tailored corporate tax balance-owing review services to ensure compliance and maximize deductions.
Our tax accountants keep your business compliant with federal and provincial tax rules.
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Start with a free, no-obligation consultation to review your business’s financial, tax filing and compliance needs and outline our affordable solutions.
Receive a comprehensive checklist and securely provide the required financial records and documents.
Our tax accountant and accounting experts carefully prepare your filings, identify all applicable deductions and credits, and conduct thorough reviews.
We file your documents electronically with the Canada Revenue Agency (CRA) on time and provide post-filing support.
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See how our expert Corporate Tax Balance-Owing Review tax and accounting services have helped Canadian businesses save money and stay compliant.
6 years of filings at a corporation paying instalments on prior-year figures in Windsor, Ontario had never claimed the incentives the work qualified for. The review recovered $136,000.
A corporation paying instalments on prior-year figures in Windsor, Ontario had been filing for 6 years. In that time, the incentives its activity qualified for were never claimed. Behind that sat retained earnings building in the operating company with no plan for extracting them. We tested each activity against the eligibility criteria rather than the description on the invoice. Then we mapped the association rules across the group, allocated the business limit deliberately on Schedule 23, and corrected the prior year by adjustment request. $136,000 in credits claimed, with the open prior years adjusted as well. The claim passed review without adjustment.
Collections had begun against an operating company holding surplus investments in Calgary, Alberta over 6 years of unfiled returns. Bringing them current cut $133,000 from the balance.
By the time an operating company holding surplus investments in Calgary, Alberta called, 6 years were outstanding. The CRA had assessed on estimates. Underneath it sat retained earnings building in the operating company with no plan for extracting them. We reconstructed the records year by year. We documented safe income before the inter-corporate dividend was paid, so subsection 55(2) had no room to recharacterise it as a gain. Each filing replaced an arbitrary assessment with a real one. The account is current. Filing on real numbers rather than CRA estimates reduced the balance by $133,000, and a relief application addressed part of the accumulated interest.
A desk review assessed a corporation associated with a spouse-owned company in Surrey, British Columbia $92,000. The dispute was over passive investment income that had crossed the $50,000 grind threshold unnoticed. Producing the records vacated the assessment.
A corporation associated with a spouse-owned company in Surrey, British Columbia was carrying $92,000 of penalties and interest. The charges arose from passive investment income that had crossed the $50,000 grind threshold unnoticed. Much of that amount accumulated during a period the CRA itself had delayed. We carried the non-capital loss back against the two profitable years and recovered tax already paid instead of holding a carry-forward balance. We framed the relief application on the specific grounds the CRA guidelines recognise rather than on general hardship. The assessment was vacated. $92,000 came off the account, and the documentation now on file makes the same position straightforward to defend next time.
The ledger at an import and distribution corporation in Kitchener, Ontario could not support its own filings. The reason was a loss year carried forward by default when carrying it back would have produced a refund cheque. Rebuilding it surfaced $10,500 in unclaimed input tax.
An import and distribution corporation in Kitchener, Ontario could not answer basic questions about its own numbers. A loss year carried forward by default when carrying it back would have produced a refund cheque sat between the bank statements and the ledger. We rebuilt the instalment schedule off the current year rather than the prior year, ending the interest accrual. We then documented the process so the work does not depend on any one person remembering how it was done. Records rebuilt and reconciled, $10,500 recovered in input tax credits that the old file could not support, and a documented monthly process now in place.
An incorporated trades business in Guelph, Ontario was filing correctly and still overpaying. The reason was a balance-due date the owner believed was the same as the filing date. Restructuring the position cut $41,000 from the annual bill.
An incorporated trades business in Guelph, Ontario was compliant but paying more than it needed to. The prior year had been filed correctly. It still left a balance-due date the owner believed was the same as the filing date on the table. We modelled the current position against the alternatives before changing anything. Then we moved passive holdings into a separate structure so the operating company’s small business limit stopped grinding down. The change saved $41,000 in the first year and repeats annually. Nothing about the filings became more aggressive. The position is simply the one the rules already allowed.
A technology CCPC approaching its first profitable year in Ottawa, Ontario was under review. The issue was a distribution treated as tax-free capital dividend with no election ever filed. The file closed in 3 weeks with $61,000 of proposed tax cleared.
A technology CCPC approaching its first profitable year in Ottawa, Ontario was selected for review. A distribution treated as tax-free capital dividend with no election ever filed had shown up in the CRA's automated matching. The proposed adjustment on corporate tax balance-owing review came to $61,000. We reviewed each capital cost allowance pool and set the claim at the level that kept the small business deduction fully used rather than wasted. Every figure in the response traced to a source record the auditor could verify without asking a second question. The review closed with no change. $61,000 of proposed tax came off the table, and the documentation now in place makes the next review a short one.
Meet the specialists behind your Corporate Tax Balance-Owing Review filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)
Canada Tax, International Tax, Cross Border Tax, Transfer Pricing
International Tax, Transfer Pricing Specialist
CA (ICAI), Canada Tax Expert
CA. Fractional CFO and Senior Advisory Specialist
Same fixed fees in every province. Find your city or your sector.
Direct answers to what Canadian business owners actually ask before hiring an accountant.
Corporate Tax Balance-Owing Review starts at a fixed fee quoted before any work begins. The quote is locked at the outset and does not change mid-engagement, and you pay only after you have reviewed and approved the deliverable. Compare every plan on our transparent pricing page.
At minimum: prior-year returns and notices of assessment, your bank and credit-card statements for the fiscal period, payroll records if you have employees, and GST/HST filings. We send a checklist tailored to your situation after the free 15-minute call.
Most engagements are completed within 3 to 5 business days once your documents are complete. Catch-up work covering multiple years takes longer, and we tell you the realistic timeline before you commit rather than after.
We respond on your behalf at no extra charge for any return we prepared. Every figure we file is supported by documentation retained in your file, which is what turns a CRA review from a crisis into correspondence. See how our CRA audit representation works.
Yes. Late filing penalties compound at 5% of the balance owing plus 1% per month, so the cost of waiting is real. We prioritise catch-up work and, where eligible, file under the CRA's Voluntary Disclosures Program to reduce penalties.
Yes. We serve clients in every province and territory at the same fixed fees, so your location does not change the price or the service. Browse our coverage across Canada to find your city.
We work across construction, healthcare, e-commerce, professional services, restaurants, real estate, transportation, technology and non-profits, each with its own deduction profile and CRA scrutiny patterns. See all industries we serve.
Software applies the rules you already know about. An experienced tax accountant finds the ones you do not: capital cost allowance timing, the small business deduction threshold, shareholder loan repayment rules, and TOSI exposure on family dividends. The fee is usually smaller than the deductions it surfaces.
Our corporate tax balance-owing review services include complete filing, compliance management, and strategic advice customized to Canadian tax laws.
You can start by booking a free 15-minute call. We will review your files, provide a fixed quote, and start working immediately.
There is a widespread assumption here, and the actual position is worth stating plainly. A CCPC files its T2 within six months of year-end, with the balance due two months after (three where the small business deduction is claimed). The 9% federal small business rate applies to the first $500,000 of active business income. The filing and payment deadlines differ, and interest runs from the payment date. Filing on time while paying late still costs money. If your current setup was built on the assumption instead of the rule, that is fixable — but sooner is better than later.
A tax specialist answers this differently than a search engine, because the rule has edges. A dividend between connected corporations is generally deductible in computing taxable income. However, subsection 55(2) can recharacterise it as a capital gain where it exceeds safe income and no permitted purpose applies. The safe-income analysis belongs before the dividend is paid, not after. Where your business sits relative to those edges is what we establish in the first meeting.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
A T2 corporate return is due six months after the fiscal year end, whichever month that falls in. The balance owing comes earlier: two months after year end, or three months for an eligible Canadian-controlled private corporation claiming the small business deduction. Filing late costs 5% of the unpaid balance plus 1% per month for up to 12 months. For tax years beginning after 2023, electronic filing is mandatory for essentially all corporations whatever their gross revenue — the old $1 million threshold no longer applies — and paper-filing a return that had to be filed electronically carries a $1,000 penalty.
Several NETFILE certified programs are free to use for straightforward returns, and the CRA publishes the certified list each filing season. If your income is modest and your return is simple, a free volunteer tax clinic can prepare and file it for you. Some people also receive a CRA invitation to file through a simplified phone or digital service. Free tools cover most employment and pension returns; self-employment, rental or foreign income usually needs more.
Start with total income from every source for the year, including employment, self-employment, investments and pensions. Subtract the deductions you qualify for, such as RRSP contributions, child care costs, union dues and deductible employment expenses, to reach net income. Take off any further deductions that apply at the next stage, losses carried forward among them, and what remains is taxable income, the figure the brackets are applied to. Credits reduce the tax calculated on that figure rather than the income itself.
Start by claiming everything you are entitled to: RRSP contributions, child care, moving and employment expenses, self-employment costs, tuition, medical expenses, donations and the credits that follow your family situation. Timing helps too, such as deferring a bonus or triggering a capital loss against a gain. Pension income splitting and spousal RRSP contributions move income to a lower-rate spouse. For a business, incorporating and planning how money is drawn out matters. Leaving income unreported is evasion, not planning.
Start with the structure. An unincorporated business reports on form T2125 inside your personal T1, due 15 June 2026 for the 2025 year, with any balance still payable by 30 April 2026. A corporation files a T2, due six months after its fiscal year end. Either way, reconcile your bookkeeping first, separate business from personal spending, keep records for six years, and claim capital purchases through depreciation rather than as an outright expense.
There is no single definition. For tax the test that matters is the small business deduction: a Canadian-controlled private corporation earning active business income claims the lower rate on the first $500,000 of it for 2026, shared across associated corporations. Federally that limit falls by $5 for every $1 of adjusted aggregate investment income above $50,000 and is gone at $150,000, while Ontario keeps the full $500,000. Grant and lending programs use their own headcount or revenue tests.
Call the CRA's individual or business enquiries line, both listed on the Contact the CRA page at canada.ca. Have your social insurance number or business number, your date of birth, and a line amount from a recent return ready, because the agent verifies you before discussing anything. Lines are quietest early in the morning and outside filing season. You can also authorise someone to call on your behalf using form AUT-01.
For the 2025 personal tax year the balance is due 30 April 2026, even if you are self-employed and file by 15 June 2026. Employees pay through payroll deductions across the year, while the self-employed and people with investment income may owe quarterly instalments. A corporation's balance is due two months after year end, or three months for an eligible CCPC claiming the small business deduction. Interest runs from the day after the due date.
The realistic options are CRA-certified software you run yourself, a seasonal walk-in preparer, a free volunteer clinic if your income is modest and the return is simple, or an accounting firm. A firm earns its fee once there is self-employment, rental, investment or cross-border income, or a CRA letter to answer. We agree the fee before work starts, and you pay after the service. The first 15-minute consultation is free.
Yes, and you should file straight away. Returns can be filed long after the due date, and online filing for the 2025 tax year stays open until 29 January 2027. If you owe, a late-filing penalty is charged as a percentage of the balance plus a monthly amount, and interest runs from the payment due date, which was 30 April 2026 for 2025. If you are owed a refund or benefits, nothing is lost by filing late.
The age amount is a non-refundable credit for people who reach the qualifying age by the end of the tax year. It is reduced once net income passes a set threshold and disappears above a higher one, so it is aimed at lower-income retirees. Any portion you cannot use, because your tax is already nil, can be transferred to a spouse or common-law partner. The amount and both thresholds are indexed yearly and appear on the federal schedule.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. In 2014 he founded his accounting practice to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
Sources. CRA — Corporations · CRA — Corporation tax rates · Income Tax Act (Justice Laws Website)
