For corporations
Books and invoicing for small corporations in Ontario
A small corporation has more paperwork than a sole proprietor: its own year end, a T2 every year, and money moving between you and the company. Keep the books clean from the start.
No credit card needed.
Tax-ready all year, free
- Set your corporation's fiscal year end in setup
- Invoices with GST/HST worked out by province
- Expenses with receipt photos and the receipt check
- Bank CSV import for the corporate account
- Reports for any dates, including your fiscal year
- Export everything for your accountant in one download
What usually goes wrong
Personal and business money mixed together
Import the corporate account's bank CSV and turn each line into a payment or an expense, so the company's books show only the company.
Receipts nobody can find at year end
Snap each receipt when you pay. Every receipt photo is in the Export everything download.
Paying an accountant to sort a shoebox
Clean books cost less to review. Hand over a single export instead of a year of paper.
The tax reality for corporations
Every corporation files a T2 return each year, even if it owes nothing. It is due six months after the end of the corporation's tax year. Any balance owing is usually due two or three months after the year end.
The T2 includes the corporation's financial statements, reported with GIFI codes. In Ontario, the provincial corporate tax is filed with the T2.
GST/HST works the same way as for a sole proprietor: register once sales pass $30,000 over four calendar quarters, or earlier if you choose.
At tax time: the Tax Ready pass
We are building it now, at about $79 for sole proprietors and about $199 for corporations. It is not on sale yet. It will give you:
- Your T2 numbers, laid out for certified T2 software
- A GIFI file for your balance sheet and income statement
- A GST/HST worksheet on CRA's return lines
- A receipt audit before year end
Worksheets and guides only. You file with CRA yourself.
Invoicing that does the tax for you
Common questions
- Can a corporation use the free plan?
- Yes. The free plan works the same for a corporation, for one owner. A paid plan adds team members, stock and purchase orders. See pricing.
- Can I file my T2 from CollabNorth?
- No. The corporation pass, once ready, prepares your T2 numbers and a GIFI file that you or your accountant bring into certified T2 software.
- What can a corporation try today?
- A balance sheet, opening balances, a shareholder loan card, a pay-yourself helper, and a T2 worksheet with Ontario's schedule and GIFI files are in early access preview. CollabNorth doesn't file your T2: that takes CRA-certified software, or your accountant.
Start your books today
Free for one owner, with no invoice limit and no card. Try the sample business first if you want to look around.
General information to help you keep your own records. It is not accounting, legal or tax advice. Confirm details with the Canada Revenue Agency or your accountant.