Incorporation Plus Your First-Year T2 Corporation Income Tax Return

Incorporate for $35.00 including HST and have the same firm prepare your first corporate tax return. A CPA sets your first fiscal year end, your six-month filing date and your payment date in writing before you pay anything beyond the $35.00. Open Corporation for $35 is a department of Gondaliya CPA.

Schedule Free Consultation Call Incorporation Form

The First Return Is Decided at Incorporation

Two pieces of work, one firm: the articles of incorporation, and the corporation’s first T2 return. Your first fiscal year end sets the filing deadline and the payment deadline, so we choose it before the articles are filed, not when the return is due. Open Corporation for $35 is a department of Gondaliya CPA.

The bundle suits a new owner who wants one firm from day one. If you already have an accountant for the books and only need the corporation, buy the incorporation on its own.

Start on the Intake Form See Pricing

Year End Chosen First

Within 53 weeks, set around when your income arrives.

Deadlines in Writing

Filing date, payment date and annual return dates.

Same CPA, Both Ends

The firm that sets up the shares files the return.

Actively Accepting New Corporations

Federal and Ontario incorporations with the first T2.

Open Evenings and Weekends

9:00 AM to 8:30 PM, Monday to Sunday, from 13 Ontario offices and online.

Always Within Reach

Call 647-212-9559. We do not bill for calls during the engagement.

What the Bundle Includes

Articles of incorporation, federal or Ontario, with share provisions drafted after a CPA has looked at who will hold the shares.
The incorporation record set: certificate, articles, by-law, organizing resolutions, consents and share documents.
The business number and the RC corporate income tax account.
A written recommendation on the first fiscal year end, within the 53-week limit.
A first-year calendar: year end, T2 filing date, payment date, and the federal and Ontario annual return dates.
The first T2, covering federal and Ontario corporate tax in one return.
GIFI financial statements on Schedule 100, Schedule 125 and Schedule 141.
Supporting schedules: Schedule 1, Schedule 8 for capital cost allowance, Schedule 50 for shareholders, and Schedule 23 where the corporation is associated.
The small business deduction calculated against the $500,000 business limit.
Opening balances adjusted where a sole proprietorship moved into the corporation.
Electronic filing once you sign Form T183CORP, with written confirmation.
A review of the notice of assessment against the return we filed.
One planning call before year end and one review call after assessment.

Start on the Intake Form Book Free Consultation

The incorporation half of the bundle

Federal incorporation

Filed with Corporations Canada for $200 online, with the name search built into the application. See federal incorporation under the Canada Business Corporations Act.

Ontario incorporation

Filed with the Ontario Business Registry for $300 online. See Ontario incorporation under the Business Corporations Act.

Named or numbered

A numbered company needs no name search. A named Ontario company needs a NUANS report, $25 through us.

The accounts

The business number and corporate tax account are opened so the first T2 has somewhere to land. See CRA business number, HST and payroll account registration.

Choosing the first fiscal year end

The 53-week rule

A first fiscal period cannot be longer than 53 weeks from incorporation, so most first years are short.

How a short first period changes the bill

The $500,000 business limit is prorated for the days in a short year, and the first T2 can come sooner than you expect.

Changing it later

Once set, a change of year end generally needs the Canada Revenue Agency’s approval, so it is chosen with care now.

The six-month filing deadline

How it is counted

The T2 is due six months after the year end. A year end on the last day of a month means the last day of the sixth month after.

Weekends and holidays

If the deadline falls on a weekend or public holiday, the return is on time on the next business day.

Every corporation files

Including an inactive corporation and one with no tax to pay.

The late-filing penalty

5% of the unpaid tax plus 1% for each complete month late, up to 12 months. A repeat failure after a demand to file is 10% plus 2% a month, up to 20 months.

The payment deadlines, which are not the filing deadline

Two months after year end

The general balance due day, four months before the return is due.

Three months for a CCPC

A Canadian-controlled private corporation claiming the small business deduction, within the business limit, pays three months after year end.

Instalments in the first year

The Canada Revenue Agency does not require a new corporation to pay instalments until its second year. The first year’s tax is paid on the balance due day.

What we prepare inside the return

GIFI financial statements

Your balance sheet and income statement in the Canada Revenue Agency’s coded format, on Schedules 100, 125 and 141.

Schedules 1, 8 and 50

Accounting income reconciled to taxable income, capital cost allowance, and shareholder information.

The small business deduction

9% federally on active business income up to $500,000, against 15% general, with the associated corporation schedule where it applies.

Ontario tax in the same return

Ontario’s small business rate is 2.2% from 1 July 2026 and its general rate 11.5%, both calculated inside the one T2. Only Quebec and Alberta need a separate provincial return.

Electronic filing

Required for most corporations

Most corporations must file the T2 electronically, and the Canada Revenue Agency can charge a $1,000 penalty for not doing so.

How we file

You sign Form T183CORP, we transmit the return, and you receive confirmation in writing the same day.

The compilation engagement question

What it is

A compiled set of financial statements with a CPA’s report, under the Canadian standard for compilation engagements.

When you need one

The Canada Revenue Agency does not require one with a T2. Banks, lenders and outside shareholders often do.

How we quote it

Separately, only where someone asks for it.

Free First-Year Tax Consultation

Case Studies: Incorporation and the First T2

Toronto Consultant – A Year End That Fitted the Income

The problem: A consultant incorporating in March expected a large contract to pay out in the following January.

What we did: We set the first year end so the contract fell into a full first year, filed the T2 on time and confirmed the three-month payment date in writing.

The result:

Year end chosen at incorporation
Small business deduction claimed
No instalments in year one

Mississauga Retailer – Proprietorship Moving In

The problem: A retailer moved an existing shop into a new corporation partway through the year.

What we did: We set the opening balances from the proprietorship’s closing figures, claimed capital cost allowance on the assets moved in, and filed both the T1 and the T2.

The result:

Opening balances reconciled
Capital cost allowance claimed
One firm for both returns

Ottawa Owner – A Bank Wanted Statements

The problem: A new owner needed financial statements for a bank loan after the first year.

What we did: We filed the T2 with GIFI statements and prepared a compilation engagement report for the bank as a separate quote.

The result:

T2 filed electronically
Compiled statements for the bank
Loan application completed

Start on the Intake Form

Simple Process

How the Bundle Works

Start for $35 See Pricing

Incorporate, set the dates, then file on time.

Step 1

Incorporate

Articles filed and the corporate tax account opened.

Step 2

Set the Dates

Year end, filing date and payment date in writing.

Step 3

Your Books

Send complete records for the first period.

Step 4

File the T2

Prepared, reviewed by a CPA, signed and filed electronically.

Why Choose Open Corporation for $35 for Your First T2?

Accurate and Compliant Filing

Articles prepared under the Business Corporations Act (Ontario) and checked against the registry rules before they are submitted.

Affordable, Fixed Pricing

$35.00 with HST included, and government fees at cost on their own line. A 60-day fee-matching policy backs it.

Planned Around Your Tax

Your year end, shares and pay decided with the first T2 in mind.

Support After Filing

The parent firm keeps the books, files HST and payroll, and prepares the T2 and annual return when you need it.

Our Official Partners

Transparent Pricing – No Hidden Fees

Incorporation is $35.00 with HST included. The first-year T2 is quoted to you in writing before any work begins. Government fees are passed on exactly as each registry charges them. See every fee, ours and the government’s, on one page.

Item	Amount	HST	Total	Who charges it
Incorporation, our fee	$35.00	Included	$35.00	Open Corporation for $35
First-year T2, preparation and electronic filing	Quoted on request	Included in the quote	Quoted on request	Gondaliya CPA
Compilation engagement report, only if a lender asks	Quoted on request	Included in the quote	Quoted on request	Gondaliya CPA
Federal Articles of Incorporation, filed online, name search included	$200.00	Not applicable	$200.00	Corporations Canada
Ontario Articles of Incorporation, filed online	$300.00	Not applicable	$300.00	Ontario Business Registry
Ontario NUANS name search report, named Ontario company	$25.00	Included	$25.00	Ordered through us
Filing the T2 with the Canada Revenue Agency	$0.00	Not applicable	$0.00	Canada Revenue Agency
Federal annual return	$12.00	Not applicable	$12.00	Corporations Canada
Ontario Initial Return and Annual Return	$0.00	Not applicable	$0.00	Ontario Business Registry

What Is Not Included

Bookkeeping. The T2 quote assumes complete, reconciled books. Clean-up is quoted first.
A compilation engagement report, unless a lender asks and you engage us.
An audit or review engagement.
Shareholders’ personal T1 returns.
HST returns, payroll remittances, T4 and T5 slips.
The tax itself, and any interest or penalties.
Government fees, payable at cost.
Second and later year T2 returns, quoted yearly.
Extra-provincial registration, and separate Quebec or Alberta corporate returns.
Legal advice. We are a CPA firm, not a law firm.

How Long Each Stage Takes

Stage	Who	Time
Intake, name check and share structure	Us	1 business day
Articles and record set prepared	Us	1 business day
Federal incorporation, filed online	Corporations Canada	1 business day, or 4 hours with express (registry stated)
Ontario incorporation, filed online	Ontario Business Registry	Immediate (registry stated)
Business number and tax account	Us	1 business day after the certificate
First-year calendar	Us	1 business day after registration
First T2 and GIFI statements	Us	10 business days from complete records
CPA review and sign-off	Us	2 business days
Electronic filing	Us	1 business day after you sign

Before Anything Is Filed

What a CPA Checks Before You Incorporate

Start Your Intake Form

The first T2 is decided at incorporation, so this bundle begins with the date.

Check 1

The year end

It fixes the filing date and the payment date, so it is chosen deliberately.

Check 2

Family shareholders

Dividends to a spouse or adult child are tested under section 120.4 before they are declared.

Check 3

Share classes

Growth shares and fixed-value preferred shares now make a later freeze possible.

Check 4

Associated corporations

One $500,000 limit is shared. See holding company setup.

Check 5

HST

Registration at $30,000, with HST filings that agree with the T2.

Check 6

Salary or dividends

Whether payroll and T4s form part of year one, and any section 85 rollover on the return.

Incorporate and File Your First T2 With One Firm

Pay $35.00 including HST. A CPA sets your year end and your T2 dates in writing first.

Start on the Intake Form Book Your Consultation

Incorporation and First T2 Across Canada

Articles and returns are filed online, so you never need to visit. When you want to meet, our offices are open 9:00 AM to 8:30 PM, Monday to Sunday, on 647-212-9559.

Toronto (ON)

55 Queen St E Ste 1205, Toronto, ON M5C 1R6

Mississauga (ON)

2100 Camilla Rd #716, Mississauga, ON L5A 2J8

Brampton (ON)

4 Starhill Crescent, Brampton, ON L6R 2P9

Scarborough (ON)

24 Clementine Square, Scarborough, ON M1G 2V7

Vaughan (ON)

19 Cabinet Crescent, Woodbridge, ON L4L 6H9

Oshawa (ON)

210 Durham St, Oshawa, ON L1J 5R3

Ottawa (ON)

2090 Neepawa Ave a314, Ottawa, ON K2A 3L6

Etobicoke (ON)

60 Stevenson Rd #1601, Etobicoke, ON M9V 2B4

Hamilton (ON)

70 Starling Dr, Hamilton, ON L9A 0C5

Guelph (ON)

1155 Gordon St, Guelph, ON N1L 1S8

Windsor (ON)

4387 Guppy Ct, Windsor, ON N9G 2N8

North York (ON)

150 Graydon Hall Dr #912, North York, ON M3A 3B2

Cities we serve remotely

Remote incorporation inCalgary Remote incorporation inVancouver Remote incorporation inEdmonton Remote incorporation inMontreal Remote incorporation inWinnipeg Remote incorporation inLondon Remote incorporation inKitchener-Waterloo Remote incorporation inBarrie Remote incorporation inKingston Remote incorporation inHalifax Remote incorporation inRegina Remote incorporation inSaskatoon Remote incorporation inSurrey

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Industries We Work With

Physicians

Dentists

Real Estate Agents (PREC)

IT Consultants

Restaurants and Food Trucks

Franchise Owners

E-commerce and Amazon Sellers

Manufacturing

Grocery and Convenience Stores

Import and Export

View All Industries

Incorporation and First T2 FAQs

When is my first T2 corporation income tax return due?

Six months after the end of the corporation’s first tax year. If the deadline falls on a weekend or public holiday, it is on time on the next business day. Every resident corporation files, including an inactive one and one with no tax to pay.

When is the tax itself due?

Two months after the year end, four months before the return is due. Paying on time does not extend the filing deadline, and interest runs on any unpaid balance from the balance due day.

Who gets three months to pay instead of two?

A Canadian-controlled private corporation that claims the small business deduction and whose taxable income for the previous year did not exceed its business limit. A first-year corporation claiming the deduction is normally in this group, and we confirm it in writing.

How long can my first fiscal period be?

No longer than 53 weeks from incorporation, so most first years are short. You choose the date, and changing it later generally needs the Canada Revenue Agency’s approval.

What are GIFI financial statements?

Your balance sheet and income statement in the Canada Revenue Agency’s coded format, filed with the T2 on Schedule 100, Schedule 125 and Schedule 141.

Do I need a compilation engagement report as well?

No, not for the Canada Revenue Agency. The GIFI schedules meet the filing requirement. Banks, lenders and outside shareholders often ask for one, and we quote it separately.

Do I have to pay tax instalments in my first year?

No. The Canada Revenue Agency does not require a new corporation to pay instalments until its second year. The first year’s tax is paid on the balance due day.

Does the T2 cover my Ontario corporate tax too?

Yes. Ontario’s small business rate of 2.2% from 1 July 2026 and its general rate of 11.5% are calculated inside the same T2. Only Quebec and Alberta need a separate provincial return.

What is the small business deduction worth in the first year?

It cuts the federal rate to 9% on active business income up to the $500,000 business limit, against 15% general. In a short first year, the limit is prorated for the days in the period.

Do I have to file the return electronically?

Most corporations must, and the Canada Revenue Agency can charge a $1,000 penalty for not doing so. We file once you sign Form T183CORP.

What happens if I file the first return late?

5% of the unpaid tax plus 1% for each complete month, up to 12 months. A repeat after a demand to file is 10% plus 2% a month, up to 20 months. A late return with no tax owing has no percentage penalty, but must still be filed.

How much does incorporation with the first-year T2 cost?

Incorporation is $35.00 including HST. The first T2 is quoted in writing before any work begins. Government fees are separate: $200.00 federally or $300.00 in Ontario, plus $12.00 for the federal annual return.

Meet Your Corporate Tax Experts

A Chartered Professional Accountant sets your year end and reviews your first T2 before it is filed.

Sharad Gondaliya, CPA

Principal

Bio

647-212-9559

Vandana Goel, CPA

Accounting Specialist

Bio

647-250-0242

What Our Clients Say

These Google reviews belong to Gondaliya CPA Professional Corporation and cover every service the firm provides. See all reviews.

Insights for New Corporations

Salary against dividends

How to pay yourself in year one.

GST/HST registration

Thresholds and timing.

The corporate annual return

The filing alongside the T2.

Corporate tax return filing

From Gondaliya CPA.

See More Guides

10 Smart First-Year Tax Tips That Save You Money

Pick the year end at incorporation

It sets every date that follows.

Diary the payment date

It comes before the filing date.

Claim the small business deduction

It decides the three-month payment date.

Keep books from day one

The T2 quote assumes complete records.

Use a separate bank account

Personal spending muddies the return.

Record assets moved in

They earn capital cost allowance.

Declare dividends by resolution

And test family shareholders first.

File electronically

Paper can mean a $1,000 penalty.

File even with no tax

Every corporation must.

Check the assessment

Objection deadlines run from it.

Browse Our Affordable Incorporation Services

Incorporation

Name and Address

After Incorporation

Verified Corporate Tax CPA Firm

Gondaliya CPA Professional Corporation is registered with CPA Ontario under firm registration number 61330051. Our clients have left us 1,300+ five-star Google reviews, and we work from 13 Ontario offices, open 9:00 AM to 8:30 PM, Monday to Sunday. We back every filing with a 30-day money-back guarantee and a 60-day fee-matching policy, and we are a Xero Partner Award Winner 2026. Open Corporation for $35 is a department of Gondaliya CPA. See incorporation services at Gondaliya CPA.

CPA Ontario Membership Number

61040184

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CPA Firm Registration Number

61330051

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Your First Return Starts With Your Year End

Open Corporation for $35 is a department of Gondaliya CPA. Your fiscal year end sets the six-month filing deadline and the two- or three-month payment deadline, and a late return costs 5% of the unpaid tax plus 1% a month. Complete the intake form and we confirm your year end, your deadlines and a written quote for the first T2 before any work begins. Send payment by Interac e-Transfer to info@gondaliyacpa.ca with the security question set to “Not Applicable”, as auto-deposit is enabled. Card is also accepted. We answer 9:00 AM to 8:30 PM, Monday to Sunday, on 647-212-9559.

Complete the Intake Form Book Free Consultation

All incorporation and corporate filing services

No legal advice

Gondaliya CPA Professional Corporation is a firm of Chartered Professional Accountants licensed by CPA Ontario, firm registration number 61330051. It is not a law firm. We prepare and file corporate documents and we provide accounting and tax advice. Nothing on this page is legal advice, and reading it creates no solicitor and client relationship. For legal advice, including advice on a shareholder agreement before you sign it, consult a lawyer licensed in the province where your corporation carries on business.

Open Corporation for $35 is a department of Gondaliya CPA.