Comments on: Who do I calculate Ontario Corporations Tax? http://www.moneysnatchers.com/news/who-do-i-calculate-ontario-corporations-tax/ Thu, 10 Dec 2009 09:16:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: John Q http://www.moneysnatchers.com/news/who-do-i-calculate-ontario-corporations-tax/#comment-128 John Q Wed, 07 Jan 2009 00:57:29 +0000 http://www.moneysnatchers.com/canada/who-do-i-calculate-ontario-corporations-tax/#comment-128 Assuming your corporation is a Canadian Controlled Private Corporation which is engaged in an active business (as opposed to investment or rental income) then the combined federal and provincial corporate tax rate is currently 16.5% of taxable income. You will have to file a federal T2 corporation income tax return and an Ontario CT23 return. These returns are due to be filed within six months of the end of the first fiscal year of your corporation. You are free to choose any year end date for your corporation as long as it is no more than 370 days after the date of incorporation. If there is any tax owing, it wil be payable three months after your chosen year end date. If you are not familiar with preparation of financial statements or completing corporate tax returns, then I strongly suggest obtaining the advice of an accountant. Assuming your corporation is a Canadian Controlled Private Corporation which is engaged in an active business (as opposed to investment or rental income) then the combined federal and provincial corporate tax rate is currently 16.5% of taxable income.

You will have to file a federal T2 corporation income tax return and an Ontario CT23 return.

These returns are due to be filed within six months of the end of the first fiscal year of your corporation. You are free to choose any year end date for your corporation as long as it is no more than 370 days after the date of incorporation.

If there is any tax owing, it wil be payable three months after your chosen year end date.

If you are not familiar with preparation of financial statements or completing corporate tax returns, then I strongly suggest obtaining the advice of an accountant.

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