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Corporations need to file corporate tax too. A corporation is a stand alone entity that is required to pay tax on its profits.  Of course, there are many tax credits and tax incentives, the same as there are for individuals, but ultimately, taxes need to be paid. If you make a profit, you will likely pay some tax. You may be able to apply previous years' losses to offset any profit you make in the current year - thus minimizing the taxes out-of-pocket.

Each and every year, taxes need to be filed with Revenue Canada - even if no profit, a loss or even if no activity in the year.  Not submitting your taxes can be very costly as there may be interest and penalties on taxes not reported and paid. An additional cost is the tax preparation fees for each year.

Be sure to get your taxes done. Waiting until Revenue Canada contacts you before you take action to get the filings completed is not the most efficient way of doing business. -- Costs can be higher than expected - and usually are...


Lori Manley, CPA, CGA

Chartered Professional Accountant

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