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1. Fill out the how to file t2 short return online form with all required fields. Check that every section is addressed before moving on.
2. Move on to enter the relevant details in the following fields: cid Total of lines to and line, Total of column, Deduct, Bad debt, Equity in income from subsidiaries, Book income of joint venture, Book income of partnership, Gain on disposal of assets per, Capital cost allowance from, Terminal loss from Schedule, Allowable business investment loss, Holdbacks, Other reserves on line from, Contributions to deferred income, and Incorporation expenses under.
3. Completing cid Total of lines to and line, cid Net income loss for income tax, Total of column, Enter amount C on line on page, and T SCH S E is required for the next step. Fill them out completely without skipping any details.
4. The next step requires you to complete: Identification, Business number BN, Corporations name, R C, Address of head office, City, Province territory or state, Country other than Canada, Postal or ZIP code, Tax year start, Year Month Day, Tax year end, and Year Month Day.
5. For the final section, complete the following fields: If yes complete lines to and, Country other than Canada, Postal or ZIP code, Location of books and records, City, Province territory or state, Type of corporation at the end, Canadian-controlled private, Other private corporation, Public corporation, and Corporation controlled by a.
Pay close attention to the "Has the location of books and" and "Public corporation" fields, as these are where most users make errors.
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Frequently Asked Questions About the CRA T2 Short Return
Can I file the T2 Short Return if my corporation had a net loss this year?
Yes. Canadian-controlled private corporations (CCPCs) with a net loss for the tax year can use the CRA T2 Short Return, provided they satisfy all other eligibility conditions listed in the T4012 guide.
What if my corporation does not qualify for the T2 Short Return?
If your corporation does not meet all eligibility requirements, you must file the standard T2 Corporation Income Tax Return instead. Submitting the wrong form can lead to a rejected filing with the CRA.
Which schedules must I attach to the T2 Short Return?
Corporations must include Schedule 100 (Balance Sheet Information), Schedule 125 (Income Statement Information), and Schedule 141 (Notes Checklist). These requirements only drop away when the corporation was fully inactive during the entire tax year.
Is there a penalty for a late CRA T2 Short Return?
Yes. The CRA charges 5 percent of unpaid taxes for late filing, plus 1 percent per additional month up to 12 months. Corporations that repeatedly file late face a doubled rate of 10 percent plus 2 percent per month.
Does the T2 Short Return also cover provincial corporate taxes?
In most Canadian provinces and territories, yes. Filing the CRA T2 Short Return with the Canada Revenue Agency satisfies both federal and provincial corporate income tax obligations through a single filing process.
Where do I send the completed CRA T2 Short Return?
The CRA T2 Short Return mailing address depends on your corporation's province or territory of operation. Most corporations mail the return to the CRA Tax Centre listed in the T4012 guide for their region. You can also file electronically using CRA-certified software.
Related Canadian Tax Forms
Depending on your corporation's circumstances, you may also need other CRA documents. Corporations that do not qualify for the short form must file the T2 Corporation Income Tax Return. Corporations with business or professional income may need the T2125 Statement of Business Activities. If certain shareholders are eligible for the disability tax credit, you may also need to submit the T2201 Disability Tax Credit Certificate.