Fixed-Fee. Trusted. Accurate. Quick. Easy. Economical.

Expert Tax Accountants in Thompson

100% Risk-Free, Satisfaction, Guarantee, Price Match – Pay After Service

Corporations, startups, sole proprietors and individuals across Thompson bring us their tax filing, bookkeeping and accounting. Every engagement starts with a fixed fee agreed in advance and a free 15-minute consultation.

+15 Yrs Exp
Ex-Big4 Tax Specialists
CPA Canada (In-Depth Tax Program)
EX BIG4, EY, Deloitte
Udit Gupta, Founder and Tax Accountant - Taxfilings Canada
TAX REFUND
$7300
TAX EXPERT
100% INCOME TAX
95% GST/HST/PST
85% PAYROLL

Thompson Transparent & Fixed Pricing

No hidden fees. Pay only after your service is completed. The fee is agreed before any work starts.

Business Accounting

From- $10/ M
Bookkeeping | Financials | Reconciliations
Accounting Bookkeeping pricing

Corporate Tax Filing

From- $90
T2 corporate Tax | NIL Return | Planning
Corporate Tax pricing

Personal Tax Filing

From- $25
T1 | Student | Employed | Self-employed
Individual Tax pricing

GST/HST Tax Filings

From $75
GST/HST/PST/QST/RST Tax filings | Registration
GST/HST/PST pricing

Partnership Tax Filing

From-$250
T5013 – Partnership Information Return
Partnership Tax pricing

Non-Profit Tax Filing

From- $250
T1044 | T3010 | T2 | Non-Profits Charities
Non Profit Tax pricing

Notice to Reader

From- $500
Assistance NTR | Compilation | Audit
Notice To Reader pricing

Trust-Estate Tax Filing

From- $300
T3 Trust | Beneficiary Reporting | Allocations
Trust Estate Tax pricing

Looking for a tax accountant in Thompson? Tax Filings Canada files T2 corporate and T1 personal returns, handles 5% GST plus Manitoba’s separate 7% retail sales tax, and runs bookkeeping and payroll for nickel miners, northern contractors and fly-in workers — fixed fees, and you pay only after your return is filed.

Inside Our Thompson Tax Filing Process

  1. 1

    Send Documents

    Hand over your documents once; we will tell you if anything is missing.

  2. 2

    We Prepare

    Preparation happens on our desk, not yours — including the Thompson tax filing details that are easy to overlook.

  3. 3

    You Approve

    A review meeting or call walks you through the draft before you give the go-ahead.

  4. 4

    We File

    After sign-off, we file, arrange any balance owing, and close the loop with you.

How We Compare With a Typical Thompson Tax Filing Firm

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

Terms Worth Knowing Before Thompson Tax Filing

T1 General
The personal income tax return individuals file with the CRA each year.
T2 Corporate Return
The corporate income tax return every incorporated Canadian business must file.
GST/HST Return
The sales-tax return businesses file to remit GST/HST collected, net of input tax credits.
Thompson: Our Analysis

Thompson's nickel operations and northern-service role produce files built on shift premiums, union dues and rotation travel. Residents claim the full Zone A northern residents deduction — both the residency and travel components — and employer-provided flights can be sheltered by the special work site rules. Contractors serving the mine benefit from Manitoba's 0% small business rate while managing the separate 7% RST on equipment and parts.

Field Notes: Thompson

Some of our Thompson clients come to us after a reassessment; the rest come before. These practitioner's notes on the Manitoba regime are written for the second group.

Here is the regime your invoices live under. Manitoba charges 5% GST plus a 7% Retail Sales Tax filed separately with Manitoba Finance. RST is not recoverable as an input tax credit. If a Thompson business gets only one thing right in its opening months, it should be this.

For incorporated businesses the provincial layer matters at year-end. Manitoba applies a 0% small business rate, so the first $500,000 of active business income is taxed at only the 9% federal rate. That is the backdrop for every Thompson engagement we take on.

The Health and Post-Secondary Education Tax Levy applies once annual payroll exceeds $2,250,000. We flag this in every hiring conversation with Thompson clients, because the cost of an employee is never just the salary on the offer letter.

There is a standing list we run every Manitoba client through at year-end: Manitoba Small Business Venture Capital Tax Credit, Manitoba Manufacturing Investment Tax Credit, Manitoba Interactive Digital Media Tax Credit. Most items will not apply to most businesses — but the ones that do apply tend to have been missed for years. It is the first thing we walk Thompson owners through.

A city's tax questions are downstream of its industries. In Thompson that means agriculture, manufacturing, transportation and financial services, and it means a tax preparation specialist here spends most of the year on the filing patterns those sectors produce.

Ready to hand this off? Send your documents from wherever you are in the country — we charge the same fixed fee in every market, and only invoice after you have looked over the completed file. It shapes how we scope every Thompson file.

Trusted by Canadian Businesses & Startups

McNROE logo McNROE
LEBIZ Canada Inc
iQOO
International Schooling
Infogain
inayat

Why Choose Tax Filings Thompson?

Our team of experienced Tax Accountants provides Thompson clients with trusted tax advice, accurate filings, and tailored strategies to minimize liabilities. We offer transparent pricing and full CRA compliance support across bookkeeping, GST/HST, payroll, and corporate taxes for Thompson clients.

Expert Thompson Tax Filing & Planning

Providing tailored Thompson tax filing and planning to reduce liabilities, maximize refunds, and ensure CRA compliance.

Transparent & Risk-Free Tax Services

100% risk-free Thompson tax filing with clear pricing, no hidden fees, plus support for personal taxes, small business accounting, and bookkeeping.

CRA Compliance & Cross Border Tax

From bookkeeping to corporate audits, protect your Thompson business with CRA compliance and expert cross border tax strategies.

Technology-Driven Bookkeeping & Accounting

We use advanced accounting software for seamless Thompson bookkeeping, payroll, and small business tax filing.

Accounting Firm Tax Experts

Secure Fixed Quote

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"A Unique Thompson Approach – Results First, Payment Later!"

  • Step 1: Share your information – No Upfront Payment!
  • Step 2: We prepare your financials & tax return.
  • Step 3: Review & sign the deliverable before payment.
  • Step 4: Make the payment only when satisfied.
  • Step 5: We file your return & share final documents.
  • Step 6: 100% Refund Guarantee – If unsatisfied, claim a full refund within 24 hours!

Risk-Free, Hassle-Free, and Client-First!

Schedule a Free Consultation

Core Thompson Accountant & Tax Filing Services

Expertly tailored accounting, compliance, and corporate tax solutions for businesses and corporations.

Bookkeeping & Reconciliations

Tailored compliance, tracking, and tax solutions for Thompson businesses.

Bank & credit card reconciliations in Thompson
Cloud accounting (QBO / Xero)
Financial statements preparation
AR & AP management in Thompson
Monthly cash flow reporting
Receipts & expenses tracking (Dext)
Bank feed setup & clean-up in Thompson
Ledger audit reviews
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

Corporate Tax (T2)

Tailored compliance, tracking, and tax solutions for Thompson businesses.

T2 Corporate Tax Return filing
Corporate tax planning & structure in Thompson
Active & passive income allocation
CRA audit defense representation
Federal & provincial tax filing in Thompson
Shareholder loan monitoring
Loss carry-back/carry-forward
Corporate structure optimizations in Thompson
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

Payroll & Compensation

Tailored compliance, tracking, and tax solutions for Thompson businesses.

Direct payroll processing & stubs
T4/T5 slip compilation & filing
Salary vs. dividend optimization in Thompson
Source deduction remittances
Employee vs. contractor review
EHT & workers' comp reporting in Thompson
Year-end T4/T5 summary reports
Record of Employment (ROE)
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

CFO & Advisory Services

Tailored compliance, tracking, and tax solutions for Thompson businesses.

Financial forecasting & projections in Thompson
Unit economics & margin analysis
Multi-entity cash flow modeling
Mergers & acquisitions reports in Thompson
Strategic growth planning
Budgeting & variance analyses
Business valuation models in Thompson
Board & stakeholder reports
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

Notice to Reader (NTR)

Tailored compliance, tracking, and tax solutions for Thompson businesses.

NTR compilation reports
Review & compilation engagements in Thompson
Corporate year-end adjustments
Bank compliance packages
Compiled balance sheets in Thompson
Notes to financial statements
Trial balance verification
Adjusting journal entries in Thompson
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

Personal Tax (T1)

Tailored compliance, tracking, and tax solutions for Thompson businesses.

T1 returns for owners & partners
Sole proprietor business T2125
Rental property & capital gains returns in Thompson
Family tax splitting strategies
Registered plans (RRSP/TFSA)
Medical & donation tax credits in Thompson
Voluntary disclosures & claims
E-file submission confirmation
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

GST/HST Compliance

Tailored compliance, tracking, and tax solutions for Thompson businesses.

GST/HST/PST netfile returns in Thompson
Input Tax Credit (ITC) optimization
Provincial sales tax audit defense
Mixed-use asset ITC allocations in Thompson
E-commerce sales tax filings
Real estate purchase tax rebates
CRA sales tax dispute responses in Thompson
Multi-province compliance checks
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

NGO & Non-Profit Services

Tailored compliance, tracking, and tax solutions for Thompson businesses.

T1044 NPO Information Return
T3010 Registered Charity Return in Thompson
Gift tool receipt compliance
Funding & grant tracking
Board audit assistance & report in Thompson
Non-profit status preservation
Deferred contribution books
GST/HST public service rebates in Thompson
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.

Partnership Tax (T5013)

Tailored compliance, tracking, and tax solutions for Thompson businesses.

T5013 Partnership Return filing
Partner capital account tracking
Adjusted Cost Base (ACB) calc in Thompson
Allocation of partnership income
Partnership agreement tax review
T5013 slip prep for partners in Thompson
Dissolution & winding-up support
Multi-tier partnership reporting
CRA Compliance Focus: Deductions are reviewed against the rules for the current tax year, the trial balance is verified line by line, and the working papers behind every figure are kept for all Thompson businesses.
We Work with Your Preferred Accounting Software
QuickBooks logo QuickBooks
Xero logo Xero
Zoho Books logo Zoho Books
Wagepoint logo Wagepoint
Stripe logo Stripe
FreshBooks logo FreshBooks
Wave logo Wave
Sage logo Sage
ProFile logo ProFile
Excel Sheets logo Excel Sheets
QuickBooks logo QuickBooks
Xero logo Xero
Zoho Books logo Zoho Books
Wagepoint logo Wagepoint
Stripe logo Stripe
FreshBooks logo FreshBooks
Wave logo Wave
Sage logo Sage
ProFile logo ProFile
Excel Sheets logo Excel Sheets

Specialized Industries We Serve in Thompson

Explore our accounting and corporate tax services tailored for Thompson's major business sectors.

Healthcare & Medical in Thompson
Real Estate & Property in Thompson
Construction & Trades in Thompson
E-Commerce & Retail in Thompson
Professional Services in Thompson
Restaurants & Cafes in Thompson
Manufacturing & Logistics in Thompson
Non-Profits & NPOs in Thompson
Technology & Startups in Thompson

Healthcare & Medical in Thompson

Specialized compliance accounting and tax optimization designed for medical clinics, general practitioners, dentists, and pharmacists in Thompson.

  • Overhead cost allocation & clinic expense tracking
  • Medical professional corporation (MPC) tax planning
  • GST/HST exemption review and input tax credit claims
  • Full payroll integration for associates and clinic staff
Explore Healthcare Services in Thompson

Real Estate & Property in Thompson

Strategic tax planning and custom accounting systems built for real estate agents (PRECs), property managers, developers, and property investors.

  • PREC (Personal Real Estate Corporation) tax structuring
  • Rental property bookkeeping & cash flow analysis
  • Capital gains tax optimization and deferral strategies
  • GST/HST rebate filings on new residential properties
Explore Real Estate Services in Thompson

Construction & Trades in Thompson

Progress billing systems, subcontractor compliance, and job costing models to keep builders, general contractors, and trades compliant and profitable.

  • Project-by-project job costing & margin tracking
  • Subcontractor T5018 slip preparation & filing
  • Work-in-progress (WIP) accounting & bank compliance
  • WSIB and provincial workers' compensation reporting
Explore Construction Services in Thompson

E-Commerce & Retail in Thompson

Multi-channel sales tax tracking, inventory accounting integration, and financial analytics for Shopify, Amazon FBA, and WooCommerce businesses.

  • Automated integrations with Shopify, Amazon, Stripe, etc.
  • Multi-province GST/HST/PST sales tax filing
  • Real-time inventory valuation and COGS tracking
  • Cross-border sales tax compliance and duty tracking
Explore E-Commerce Services in Thompson

Professional Services in Thompson

Accurate corporate tax filing, monthly bookkeeping, and payroll management for consulting firms, tech startups, legal practices, and creative agencies.

  • Time-tracking integrations and utilization reports
  • Shareholder compensation and dividend planning
  • SR&ED tax credit tracking and documentation
  • Virtual bookkeeping and automated invoicing systems
Explore Professional Services in Thompson

Restaurants & Cafes in Thompson

POS integrations, tip tracking, food cost of goods sold (COGS) analytics, and weekly payroll processing built for Canada's food and beverage sector.

  • POS report synchronization & cash flow daily audit
  • Tip pooling calculations & CRA compliance audits
  • Food, beverage, and labor cost variance reports
  • Vendor payment management (Accounts Payable)
Explore Restaurant Services in Thompson

Manufacturing & Logistics in Thompson

Cost accounting, raw materials inventory valuation, supply chain overhead tracking, and driver payroll setups for manufacturers and distributors.

  • Bill of materials (BOM) cost tracking & analysis
  • Standard cost audits & variance analysis
  • Multi-warehouse inventory accounting controls
  • Fleet expense monitoring and logbook checks
Explore Manufacturing Services in Thompson

Non-Profits & NPOs in Thompson

CRA T3010 charity returns, T1044 NPO filing, grant-tracking accounting, and transparent donor financial reporting to maintain status.

  • Fund accounting & grant allocation tracking
  • T3010 Registered Charity Return filing
  • T1044 Non-Profit Organization Return filing
  • Board audit assistance & donor report packs
Explore Non-Profit Services in Thompson

Technology & Startups in Thompson

High-growth financial management, SR&ED tax credits tracking, Virtual CFO advisory, and venture capital compliance for tech companies across Canada.

  • SR&ED tax credit filing and documentation mapping
  • Monthly cash burn, runway, and financial dashboard metrics
  • Multi-currency bookkeeping and SaaS revenue recognition
  • Virtual CFO support for fundraising and investor reports
Explore Tech Services in Thompson

Thompson Tax & Accounting Case Studies

See how our expert Thompson tax and accounting services have helped Canadian businesses save money and stay compliant.

Case Study 1

10 Months Reconciled And $14,000 Of Input Tax Recovered — Greenhouse Grower, Thompson

10 months of records at a greenhouse grower in Thompson, Manitoba had never been reconciled, leaving sector-specific exposure the previous accountant had not seen before. Rebuilding recovered $14,000.

Case Study 2

$395,000 Sheltered By The Lifetime Capital Gains Exemption — Logistics Brokerage, Thompson

A logistics brokerage in Thompson, Manitoba was preparing to sell, but retained cash well above what the business needed to operate disqualified the shares. Purification sheltered $395,000 under the exemption.

Case Study 3

Remittance Schedule Corrected, $34,500 Refunded — Owner-Operator Trucking Corporation, Thompson

Remittances at an owner-operator trucking corporation in Thompson, Manitoba were chronically late because of provincial sales tax collected but never remitted on the separate MB return. Fixing the schedule refunded $34,500.

Case Study 4

5 Years Filed, $108,000 Removed From The Assessed Balance — Furniture Manufacturer, Thompson

5 years of returns were outstanding at a furniture manufacturer in Thompson, Manitoba, on top of input tax credits claimed against MB provincial tax, which is not recoverable the way GST is. Filing on real numbers removed $108,000 of assessed tax.

Case Study 5

$39,000 Saved By Correcting What Prior Filings Had Missed — Cattle Ranch, Thompson

A second opinion for a cattle ranch in Thompson, Manitoba found a provincial payroll levy that had never been registered for or remitted in prior filings and recovered $39,000 a year.

Case Study 6

Corporate Structure Rebuilt For $24,500 Of Annual Savings — Oilfield Services Company, Thompson

The structure at an oilfield services company in Thompson, Manitoba no longer fitted the business, and sector-specific exposure the previous accountant had not seen before showed it. Rebuilding it saves $24,500 a year.

Read all 6 Thompson case studies in full Browse the full case-study library

Our Expert Thompson Accounting Firm & Team

Meet the specialists behind your Thompson filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions

Udit Gupta

Udit Gupta

CEO & Founder

CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)

Abhinav Gupta

Abhinav Gupta

Canada Tax / International Tax

Canada Tax, International Tax, Cross Border Tax, Transfer Pricing

Raghav Gupta

Raghav Gupta

International Tax Expert

International Tax, Transfer Pricing Specialist

Anmol Mittal

Anmol Mittal

Canada Tax Expert

CA (ICAI), Canada Tax Expert

Vinayak Indolia

Vinayak Indolia

CFO Advisory

CA. Fractional CFO and Senior Advisory Specialist

Meet Our Entire Team of Experts

What Clients Ask Us About Thompson Tax Filing

Direct answers to what Canadian business owners actually ask before hiring an accountant.

How much does a tax accountant in Thompson cost?

Corporate tax filing starts at $90 and monthly bookkeeping at $10, the same fixed rates we charge nationally. Thompson businesses pay no location premium, and the quote is agreed before work starts. See the full pricing breakdown.

Do I need to meet my Thompson accountant in person?

No. Everything runs through a secure portal with e-signatures, so documents never travel by mail and nothing is lost in transit. Clients across Thompson complete an entire filing without a single in-person meeting, though calls are always available.

Which tax deadlines apply to Thompson businesses?

Corporate T2 returns are due six months after your fiscal year-end, with any balance owing payable within two or three months depending on your CCPC status. Personal T1 returns are due April 30, and June 15 for the self-employed. GST/HST depends on your filing frequency.

Can you handle both my corporate and personal returns?

Yes, and doing both together is where most of the planning value sits. Salary-versus-dividend mix, shareholder loans and RRSP room interact across the two returns, and treating them separately is how owners overpay. Explore all our services.

What if my books are behind by several years?

That is routine work for us. We rebuild the ledger year by year, file the outstanding returns in sequence, and where eligible apply to the CRA's Voluntary Disclosures Program to reduce penalties and interest.

Are you taking on new clients in Thompson?

Yes, we are actively taking on new corporate and personal clients in Thompson, including mid-season transfers from another accountant. Transferring is straightforward and we request the prior files on your behalf.

What industries do you serve in Thompson?

Construction, healthcare and medical practices, restaurants, e-commerce, real estate, transportation, professional services, technology startups and registered non-profits. Each carries a distinct deduction profile. See our industry specialisms.

How do I switch to your firm from my current accountant?

Tell us who currently holds your files and we handle the professional handover, including requesting working papers and prior-year returns. There is no gap in your compliance and no awkward conversation required on your side.

What is the deadline for filing corporate taxes in Thompson?

In Thompson, corporate tax returns (T2) are due within six months of the corporation's fiscal year-end. If you owe tax, the balance must be paid within 2 or 3 months of the year-end.

How much do tax accountants in Thompson charge?

Our personal tax filing services in Thompson start from $25, and corporate tax returns start from $90, offered under our 100% Risk-Free price match guarantee.

Does your accounting firm handle CRA audits for clients in Thompson?

Yes! We provide direct CRA audit defense and representation services for businesses and individuals throughout Manitoba and across Canada.

Do you have an office in Thompson?

We do not have a storefront in Thompson. Documents are exchanged on secure cloud software and everything is signed electronically, and the fee is the same in Thompson as anywhere else in Canada, with no location premium. Our head office is at 381 Front St W, Toronto, and you can reach the team on +1-416-619-0068.

Which sales-tax return does a Thompson business file?

Manitoba charges 5% GST plus a 7% Retail Sales Tax filed separately with Manitoba Finance. RST is not recoverable as an input tax credit. Every Thompson file we prepare starts from that reality.

How is an incorporated business taxed in Manitoba?

Manitoba applies a 0% small business rate, so the first $500,000 of active business income is taxed at only the 9% federal rate. It is the first thing we walk Thompson owners through.

Still have questions? View our FAQ page or contact us.

Thompson: The Questions People Search

The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.

Most tax saving comes from a short list of levers: contributing to an RRSP or a spousal RRSP, holding investments inside a TFSA, FHSA or RESP so growth is sheltered, claiming every deduction and credit you actually qualify for, and splitting income where the rules allow, such as pension income splitting. Business owners add expense timing and salary versus dividend planning. Order matters, so decide before year end rather than at filing time.

Multiply the assessed value of the property by the tax rate for its property class. Assessment is set by a provincial assessment authority on its own cycle and increases are often phased in, so the value lags the market. The rate is set each year by the municipality out of its budget, with an education portion added by the province. Both figures appear on your notice, which is why identical homes in different municipalities carry different bills.

Canada runs three systems. The federal GST is 5% for 2026 and applies nationally. Five participating provinces fold a provincial share into one harmonised rate: 13% in Ontario, 15% in New Brunswick, Newfoundland and Labrador and Prince Edward Island, and 14% in Nova Scotia since 1 April 2025. Others add their own tax to the 5% GST, giving 12% in British Columbia and Manitoba, 11% in Saskatchewan and 14.975% in Quebec. Alberta and the territories charge 5% only.

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.

First Nations, Inuit and Métis individuals pay the same federal and provincial taxes as everyone else, with one narrow exception. Under the Indian Act, a registered status Indian is exempt on income situated on a reserve, judged by connecting factors such as where the work is performed and where the employer is based. Off-reserve employment income is taxable. Related rules can relieve GST/HST on goods delivered to a reserve. Métis and non-status individuals do not get the exemption.

There are three routes: file online yourself through NETFILE certified software, have a preparer transmit it by EFILE, or mail a paper return to your CRA tax centre. Online filing returns a confirmation number straight away, and that number is your proof of filing. For 2025 returns the CRA opened online filing on 23 February 2026 and closes it on 29 January 2027 for its annual changeover; when the system reopens in February 2027 a 2025 return can still be transmitted electronically, because NETFILE and EFILE accept the current tax year plus the three preceding years.

Line 12100 is interest and other investment income. It captures bank and term deposit interest, amounts shown on T5 slips, interest credited on savings bonds, income from certain annuities and the interest portion of some settlements. Report it even when no slip arrives, because institutions are not required to issue a slip for very small amounts. Dividends and capital gains have their own lines. The line number is unchanged from recent years, so software lists it under investment income.

TPS is simply the French name for the GST, taxe sur les produits et services. It is the same federal tax at the same rate, 5% for 2025 and 2026. In Quebec you will also see TVQ, the French name for QST, at 9.975% applied to the pre-GST price, giving a combined 14.975%. Quebec receipts usually show both lines separately, and Revenu Quebec administers the returns for both taxes there.

No tax is payable on nothing, but the return is still required. A corporation must file a T2 for every fiscal year even with zero revenue, due six months after year end, and gaps in filing cause problems later. A sole proprietor reports the business on a T2125 with the personal return. Filing a loss year is worth doing: it creates losses you can carry forward against future profits.

Canada has no measure by that name; the low income tax offset is an Australian credit. The Canadian equivalents are the federal basic personal amount, which for the 2026 tax year is $16,452 and tapers down to $14,829 at higher net incomes, plus refundable credits such as the Canada workers benefit and the GST/HST credit. Together they leave many low-income filers with no federal tax. You still have to file a return to receive the refundable credits.

The Income Tax Act is the federal statute that sets out how income tax works in Canada: who is taxable, how income, deductions and credits are computed, and what powers the CRA has to assess and collect. It is amended most years by budget legislation, and the consolidated text is published free on the Justice Laws website. Regulations, CRA guidance and court decisions sit alongside it. Provinces have their own income tax statutes, and Quebec administers its own.

Because two different governments administer the two taxes. In British Columbia, Saskatchewan and Manitoba the CRA collects the 5% federal GST (the rate since 1 January 2008 and unchanged for both the 2025 and 2026 years) while the province collects its own PST or RST, each with a separate registration, filing frequency and deadline. Quebec is the exception: Revenu Quebec administers the 9.975% QST (the rate since 1 January 2013, current for 2025 and 2026) and also the GST for most Quebec-resident registrants, so they file one combined return.

Udit Gupta, founder of Tax Filings Canada

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. Big 4 trained at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia, he founded his accounting practice in 2014 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.

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  • Tax accountant led team
  • Fixed fees, no hourly billing
  • Pay only after you approve

Our Partners Are Alumni of the World's Top Accounting and Tax Institutions

Chartered Professional Accountants Canada AICPA — American Institute of Certified Public Accountants Institute of Chartered Accountants of India Malaysian Institute of Accountants