Are You Updated With Changes In T2- Corporate Income Tax Return?

Thank you for your support and enthusiasm for the previous article on what’s new and different in the T1 income tax return. Now we’re back with another hot topic: what new changes have been made to a corporation’s tax return.

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What’s New for 2021 T1 Tax returns?

As practicing CPAs, we need to be updated with the changes made by either government or CRA towards businesses. We have to be very active as our one mistake can make millions of dollars loss for the client. Let’s understand what CRA changes in 2021’s T1 return filling program.
Here we mention some changes to keep in mind for the busy tax season.

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Tax planning for small business owners

While running a small business, we cannot refuse to accept that every single penny counts for it to grow. When entrepreneurs are surviving on razor-thin margins and brawling for market share, it can be extremely important to know where you can save your money.

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Complete Information on T1 Personal Tax Return

You need to file the return whether you are employed (Salary or commission income) or self-employed. Are you filing your first income tax return as a business in Canada? If yes, let me tell you if your business is a sole proprietorship or partnership or incorporation, then you have to file T1, which is better known as General Income Tax Form or Income Tax and Benefit Return.

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