Corporations: your T2 and GIFI package

Every corporation files a T2 income tax return each year, even if it owes nothing. In Ontario, the provincial corporate tax is calculated on Schedule 500 and filed with the T2.

The honest limit

A T2 has to be filed with CRA-certified tax software. CollabNorth doesn't file it. It prepares the numbers and the GIFI lines for you to enter into certified T2 software, or to hand to your accountant for a much shorter review.

When it is due

• Pay any balance within two months of the end of the tax year. A Canadian-controlled private corporation (CCPC) gets three months if it claims the small business deduction for this year or last year and its taxable income last year (with any associated corporations) was $500,000 or less.
• File the T2 within six months of the year end. For a December 31 year end, that's June 30.
• File the Ontario annual return with the Ontario Business Registry within six months of the year end too.
• A corporation whose tax for this year or last year is more than $3,000 pays instalments: quarterly for a small CCPC that qualifies, otherwise monthly.

When a date falls on a weekend or holiday, CRA accepts it on the next business day.

GIFI

The T2 includes the corporation's financial statements, reported with GIFI codes (General Index of Financial Information). The balance sheet is Schedule 100 and the income statement is Schedule 125. Every return needs the totals: 2599 total assets, 3499 total liabilities, 3620 total shareholder equity, 3640 total liabilities and shareholder equity, 3849 retained earnings at the end, 8299 total revenue, 9368 total expenses and 9999 net income after taxes. Amounts are whole dollars.

The T2 worksheet in CollabNorth

For a corporation, Tax time shows one card per year, like "2025 T2, $41,250 net income, estimated tax $5,032". It is in early access. Open a year to see:

• Schedule 100 and 125 from your balance sheet, with each GIFI code and its total lines. Tap a line to see the invoices, payments, expenses and entries behind it.
• Schedule 1: net income for tax. It adds back the corporation's own income tax, amortization and half of meals and entertainment, and takes off capital cost allowance (CCA). Enter CCA, fines and penalties, losses from earlier years and anything else your accountant gives you.
• The estimate: federal tax at 9% on the first $500,000 of active business income and 15% above it, plus Ontario tax at 3.2% and 11.5%, less the instalments you recorded.
• Pay yourself, T4 and T5 reminders, the shareholder loan and the year's CRA dates.

It assumes a CCPC with active business income earned in Ontario. It doesn't work out investment income, credits, income outside Ontario, or the smaller business limit for large corporations or those with more than $50,000 of passive income. Tick the boxes that apply and your accountant can take it from there.

Downloads

• Download PDF: the GIFI lines, Schedule 1, the estimate, pay, the shareholder loan and the dates.
• GIFI Schedule 100 and GIFI Schedule 125: a plain list of each code and its amount, with CRA's name for it. Certified T2 software imports vary, so you may need to type the lines in.
• Download package: a ZIP with the PDF, both GIFI files, the year's journal and every receipt photo.

Mark final keeps a copy of the GIFI lines and the estimate. It doesn't lock your records, and only the owner can reopen the year.

Before you start

Set your opening balances, record every payment to CRA, and add the year's amortization and corporate tax from your accountant under Money between you and the business on the balance sheet.

This is general information to help you keep your own records. It is not tax or legal advice.

Based on: CRA: Corporation income tax return, CRA guide T4012, T2 Corporation Income Tax Guide and CRA guide RC4088, General Index of Financial Information

Last checked: 2026-10-13