Corporate Tax Return Cost in Toronto: What Affects a T2 Filing Quote?

Short answer

At Toronto Tax & Accounting Solutions Inc., nil corporate returns start at $250 before HST, subject to our review of the corporation’s activity and records. Active corporate returns start at $499 before HST when you provide financial statements. Prices are per tax year and cover preparing and electronically filing the federal T2. The final price depends on the work your corporation’s return requires, and we confirm it in a written quote before starting.

Starting prices

These are starting points, not fixed fees. The rest of this article explains what can change the amount of work, so you know what to expect before you ask for a quote.

What the starting prices include

• Nil corporate return, from $250 before HST: a federal T2 return filed as nil income and e-filed with the CRA. This price applies after we review the corporation’s activity and records. Having no income does not by itself mean the return qualifies for the nil starting price.
• Active corporate return, from $499 before HST: a federal T2 return prepared from the financial statements you provide, with the financial statement information entered using GIFI codes, filed electronically with the CRA.
• Per tax year: each tax year is its own return. If earlier years are unfiled, we quote them in writing before we start.

The Ontario annual return, payroll filings, and bookkeeping and financial statement preparation are not included; we offer each and quote it separately in writing. For any other filing, including GST/HST returns, confirm what is included in your written quote. The CRA requires most corporations to file their T2 electronically, with a few exceptions. (Source: CRA – T2 Corporation Income Tax Guide)

Why every corporation files a T2, even with no income

The CRA’s T2 guide says all corporations, including non-profit organizations, tax-exempt corporations and inactive corporations, have to file a T2 return for every tax year, even if there is no tax payable. (Source: CRA – T2 Corporation Income Tax Guide) The exceptions are narrow: tax-exempt Crown corporations, Hutterite colonies, and registered charities that kept that status throughout the year. (Source: CRA – T2 Corporation Income Tax Guide)

That is why nil returns exist as a service. A corporation that did not operate during the year still has a filing obligation.

What goes into a T2 return

A T2 is a main return plus the schedules that apply to the corporation’s circumstances. The CRA says corporations, except insurance corporations, should prepare their financial statement information using the General Index of Financial Information (GIFI) codes and file it with the T2. (Source: CRA – General Index of Financial Information)

In practice, this means the return is built from year-end financial statements. The better organized the underlying books are, the less work it takes to prepare the return. For a detailed walkthrough of the return, its schedules and instalments, see our T2 corporate income tax return guide.

What changes the amount of work

These factors can change the scope of a T2 engagement. Your written quote reflects the ones that apply to you.

Whether financial statements are ready

The $499 starting price for an active return applies when you provide financial statements. If the statements still need to be prepared, that is extra work to scope.

The condition of the bookkeeping

Financial statements are only as reliable as the books behind them. Unreconciled bank accounts, missing receipts or months without entries need attention before statements can be finalized. Our year-end bookkeeping checklist lists the reconciliations to finish first.

Nil or active

A corporation with no activity generally needs less work than one that earned income, paid expenses, bought assets or paid its owners during the year. We review the corporation’s activity and records before confirming that a return qualifies for the nil starting price.

The schedules that apply

The schedules on a T2 depend on what happened in the year. For example, buying or selling equipment or vehicles affects capital cost allowance calculations, and changes in shareholders affect shareholder information. More transactions of this kind mean more to prepare and review.

Late or multiple years

If earlier years were never filed, each year needs its own return. The CRA also says you must file a return no later than three years after the end of a tax year to receive a refund, so older years can have extra consequences to review. (Source: CRA – When to file your corporation income tax return) We quote earlier unfiled years in writing before we start.

Related filings to ask about

Some obligations sit next to the T2 but are separate filings. Confirm in your written quote which of these are included. The Ontario annual return, payroll filings, and bookkeeping and financial statement preparation are not included in the starting prices; we offer each and quote it separately in writing.

• Ontario annual return. This is separate from the T2 tax return. If your corporation is required to file an Ontario annual return, Ontario’s published guidance gives a deadline of six months after fiscal year-end. Confirm your corporation’s filing obligations and any applicable exemptions. (Source: Ontario Business Registry)
• GST/HST returns, if the corporation is registered. Confirm the scope in your written quote. See our GST/HST services.
• Payroll filings, such as T4 slips, if the corporation has employees. See our payroll services.
• Bookkeeping and financial statement preparation, if these are not already done. See our bookkeeping and accounting services.

Timing: when to ask for a quote

The CRA says a corporation must file its T2 within six months of the end of its tax year. When the year ends on the last day of a month, the return is due on the last day of the sixth month after that. For example, a March 31 year-end is due September 30. If the due date falls on a weekend or a CRA-recognized public holiday, a return the CRA receives, or that is postmarked, on or before the next business day is on time. (Source: CRA – When to file your corporation income tax return)

The remaining corporation income tax balance is generally due two months after tax year-end. A three-month deadline can apply to qualifying tax balances where the corporation was a Canadian-controlled private corporation throughout the tax year, claimed the small business deduction in the current or previous year, and meets the CRA’s previous-year taxable-income and business-limit tests, including associated-corporation rules where applicable. (Source: CRA – Balance-due day) Depending on the corporation’s tax, instalment payments may also be due during the year, before the final balance deadline. (Source: CRA – Corporation Instalment Guide) These dates fall before the six-month filing deadline. Asking for a quote soon after year-end leaves time to finish the books, estimate any balance owing and file without a rush.

To help us prepare an accurate quote, you can share your trial balance or financial statements and the prior-year return. Do not email banking credentials or passwords. For SINs, employee tax information, and full tax slips, contact us first for instructions on the safest way to send documents.

Before-you-request-a-quote checklist

• Corporation’s legal name, business number and tax year-end
• Whether the corporation was active or inactive during the year
• Year-end financial statements, if already prepared
• If not prepared, the state of the books: reconciled, partly done or not started
• Last year’s T2 and notice of assessment
• A list of assets bought or sold during the year
• Any changes in shareholders or directors
• Whether the corporation has employees or is registered for GST/HST
• Whether any prior years are unfiled
• Any CRA letters received about the corporation

Free downloadable template

The Corporate T2 Year-End Records Checklist (PDF) is a printable list for gathering a corporation’s year-end records: statements, asset records, shareholder details and prior-year filings. It helps you give a preparer what they need to scope the work. The Corporate T2 Year-End Records Tracker (XLSX) is a spreadsheet for tracking which year-end records have been gathered.

Download the Corporate T2 Year-End Records Checklist (PDF) and Download the Corporate T2 Year-End Records Tracker (XLSX). No email address required.

This template helps organize records. It does not determine eligibility, deductions, tax owing, or filing requirements.

Frequently asked questions

Do the starting prices include HST?

No. Both starting prices are before HST.

What do the starting prices include?

The nil return starting price covers a federal T2 return filed as nil income and e-filed with the CRA, after we review the corporation’s activity and records. The active return starting price covers a federal T2 return prepared from the financial statements you provide, using GIFI codes, filed electronically with the CRA. The Ontario annual return, payroll filings, and bookkeeping and financial statement preparation are not included; we offer each and quote it separately in writing. For any other filing, including GST/HST returns, confirm what is included in your written quote.

Is the price per year? What if earlier years are unfiled?

The starting prices are per tax year. Each unfiled year needs its own return, and we quote earlier years in writing before we start. The CRA says a return must be filed no later than three years after the end of a tax year to receive a refund. (Source: CRA – When to file your corporation income tax return)

My corporation did nothing this year. Does it still have to file?

Yes. The CRA says inactive corporations must file a T2 every tax year, even if no tax is payable. (Source: CRA – T2 Corporation Income Tax Guide) Nil corporate returns start at $250 before HST, subject to our review of the corporation’s activity and records.

What if I do not have financial statements?

The $499 starting price for an active return applies when you provide financial statements. If they still need to be prepared, the extra work is scoped and included in your written quote.

Will the price change after I accept the quote?

Final pricing depends on the work required and is confirmed in a written quote. If the records turn out to be different from what was described, discuss any change in scope before the extra work begins.

Is the T2 filing deadline also the payment deadline?

No. The remaining corporation income tax balance is generally due two months after year-end, or three months for a qualifying Canadian-controlled private corporation, and instalment payments may be due during the year. These dates fall before the six-month filing deadline. (Source: CRA – Balance-due day; CRA – Corporation Instalment Guide; CRA – When to file your corporation income tax return)

How long should the corporation keep its records?

The CRA generally requires records to be kept for six years from the end of the last tax year they relate to. Some records, such as share registers, must be kept longer. (Source: CRA – Where to keep your records and for how long)

Official sources

Sources reviewed on October 15, 2026.

• Canada Revenue Agency, T4012 T2 Corporation – Income Tax Guide, Before you start
• Canada Revenue Agency, When to file your corporation income tax return
• Canada Revenue Agency, Balance-due day
• Canada Revenue Agency, Corporation Instalment Guide
• Canada Revenue Agency, General Index of Financial Information (GIFI)
• Government of Ontario, Ontario Business Registry
• Canada Revenue Agency, Where to keep your records, for how long and how to request permission to destroy them early