A corporation’s income tax file is built from its accounting records, year-end adjustments and the federal and Alberta information that applies to the corporation. Knowing what to assemble—and which deadlines are separate—can make the preparation process easier to manage.
This guide gives Calgary business owners a practical overview of corporate tax filing records and workflow. It is general information only. Filing requirements can change and the return or schedules required will depend on the corporation’s circumstances.
Federal and Alberta corporate returns
The Canada Revenue Agency states that resident corporations, apart from listed exceptions, file a T2 corporation income tax return for every tax year even when no tax is payable. Alberta also administers a separate corporate income tax system. A corporation with a permanent establishment in Alberta may have an Alberta AT1 filing requirement unless an exemption applies.
Review the current government guidance before filing:
- CRA corporation income tax return information
- CRA T2 Corporation Income Tax Guide
- Alberta corporate income tax information
Confirm the tax year and filing dates
A corporation’s tax year is generally its fiscal period. The CRA says the T2 return is filed within six months of the end of the tax year. Alberta states that an AT1 return, when required, is also due within six months of the corporation’s tax year-end.
The return filing date and the date a balance is due are not necessarily the same. The CRA explains that a corporate balance is generally due two months after year-end, with a three-month balance-due day available only when stated conditions are met. Confirm the dates for the corporation rather than using the return-filing deadline as the payment deadline.
See the CRA’s current balance-due day guidance. Alberta payment requirements should be checked separately through Tax and Revenue Administration.
Gather the corporation’s core information
- Legal corporate name, business number and Alberta corporate account number
- Registered and mailing addresses
- Incorporation date and fiscal year-end
- Shareholder and director information relevant to the return
- Prior-year federal and Alberta returns
- Notices of assessment, reassessment and other government correspondence
- Details of address, ownership, activity or status changes during the year
New, inactive, amalgamated or dissolved corporations can have different records or filing considerations. Identify these circumstances at the start of the file.
Prepare complete year-end accounting records
The year-end file should connect the financial statements to the underlying transactions. Reconcile each bank, credit-card and loan account through the last day of the tax year. Review outstanding receivables and payables and identify transactions entered after year-end that belong to the period being prepared.
- Year-end trial balance and general ledger
- Bank and credit-card reconciliations
- Accounts receivable and accounts payable listings
- Inventory records, where applicable
- Loan statements and financing agreements
- Asset purchases, dispositions and prior depreciation schedules
- Shareholder loan activity and dividend records
- Payroll summaries and year-end slips
- GST/HST returns and related accounting reports
If the bookkeeping is incomplete, address the missing statements, duplicate entries or unreconciled accounts before the return is prepared. KL Accounting provides bookkeeping services and accounting support for this stage.
Separate income-tax filing from the corporate annual return
An Alberta corporate annual return keeps the corporation’s registry information current. It is different from the federal T2 and Alberta AT1 income tax returns. Calendar reminders should identify each obligation separately so a registry anniversary is not confused with the corporation’s tax year-end.
Electronic filing and account access
Federal and Alberta rules now require electronic filing for many corporate returns, subject to listed exceptions. The CRA and Alberta pages above provide the current eligibility and exception details. Keep submission confirmations with the final return package, along with payment records and any authorization forms used for account access.
Corporate tax file checklist
- The legal name, account numbers, addresses and tax year are confirmed.
- Prior returns and assessment notices are available.
- All bank, credit-card and loan accounts are reconciled.
- Receivables, payables, inventory and asset records are reviewed.
- Payroll and GST/HST totals agree with the accounting file or differences are noted.
- Shareholder transactions and corporate changes are documented.
- Federal and Alberta filing and payment dates have been confirmed separately.
- Copies of returns, confirmations and supporting records will be retained.
Corporate tax filing support in Calgary
KL Accounting & Tax Associates helps Calgary corporations organize year-end information and prepare federal and Alberta corporate income tax returns based on the records provided. We can outline missing information, review the filing timeline and explain the documents needed for the preparation file.
Learn about our corporate tax filing service or book an appointment.
