Annual Filing Requirements for Ontario Corporations

Incorporating is step one. Staying compliant is an ongoing responsibility. Many new corporation owners are surprised to learn that a T2 is not the only annual obligation — here's everything your corporation needs to do each year.

T2 Corporate Income Tax Return (CRA)

Deadline6 months after fiscal year-end

CostCPA fees: $800–$2,500+

Every corporation must file a T2, even if no income was earned (a nil return is still required). Tax owing is due 3 months after year-end (2 months for large corporations).

Penalty: 5% of unpaid tax + 1%/month to 12 months for late filing

Ontario Annual Return (ServiceOntario)

Deadline6 months after fiscal year-end

Cost$12 filing fee

Ontario Business Corporations Act requires every Ontario corporation to file an annual return with ServiceOntario confirming basic corporate information (directors, registered address, etc.).

Penalty: Can lead to corporation being dissolved after sustained non-filing

HST/GST Return (CRA)

DeadlineAnnually, quarterly, or monthly depending on revenue and election

CostCPA preparation fees vary

Corporations registered for HST must file returns on schedule. Most small businesses file annually; those with over $1.5M in revenue must file monthly. HST owing must be remitted on time.

Penalty: 1%–50% of net tax owing depending on circumstances

T4 Summary (if employees or salary paid to shareholders)

DeadlineLast day of February following the calendar year

CostIncluded in payroll processing

If your corporation pays salaries (including to you as a shareholder-employee), T4 slips and a T4 Summary must be filed. T4s must be issued to recipients by the same deadline.

Penalty: $25/day late, min $100 to max $7,500 per return

T5 Dividend Slips (if dividends paid)

DeadlineLast day of February following the calendar year

CostIncluded in T2 preparation typically

If your corporation pays dividends to shareholders, T5 slips must be issued to each shareholder and a T5 Summary filed with CRA.

Penalty: $25/day late, min $100 to max $7,500 per return

Minute Book Update (not a CRA filing)

DeadlineAnnually — no statutory deadline but best practice

Cost$200–$500 if CPA-assisted

Your corporate minute book must reflect annual meetings (at least one annual meeting of shareholders is required under the OBCA), director resolutions, and any changes to directors or officers.

Penalty: No CRA penalty — but outdated minute books create problems on sale or audit

Choosing Your Fiscal Year-End

Unlike individuals (who always have a December 31 tax year-end), corporations can choose any fiscal year-end. Common choices:

December 31 — aligns with personal tax year, simplifies salary/dividend planning
March 31 or June 30 — spreads CPA workload away from personal tax season (T1 season is Feb–April)
Anniversary of incorporation — some choose this for simplicity

We Handle All of This For You

Our service packages include T2 preparation, T4/T5 filings, HST returns, and annual compliance — so you never miss a deadline.

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