Starting with tax years beginning after 2023, the Canada Revenue Agency (CRA) requires all corporations, including inactive corporations, to file their T2 Corporation Income Tax Returns electronically. Failure to comply may result in a $1,000 penalty.
What Does This Mean for Inactive Corporations?
An inactive corporation—one that had no business activity or income during the tax year—must still file a T2 return. However:
- They are not required to submit financial statements (Schedules 100, 125, and 141).
- These statements may be included voluntarily if preferred.
Affordable E-Filing Solution from Taxdeep
At Taxdeep, we offer a cost-effective T2 e-filing service tailored to inactive corporations under the new CRA rules.
✅ Only $200 CAD
✅ We handle the e-filing process for you
✅ We ensure your records are properly organized and retained
Other Filing Options
You may also choose to file your T2 return independently using CRA-certified software. These programs:
- Support electronic submission
- Allow the use of GIFI codes for optional financial statement filing
- Are certified for compatibility (note: CRA does not endorse any specific software)
How to File Electronically
Corporations can file through one of the following CRA platforms:
- Corporation Internet Filing Service: Requires a Web Access Code or EFILE number
- My Business Account: Ideal for business owners filing for their own corporations
- Represent a Client: For authorized representatives managing corporate filings
Conclusion
Electronic T2 filing is now mandatory for all corporations, including inactive ones. To avoid penalties, ensure compliance using either:
- A professional e-filing service like Taxdeep, T2inc.ca, or Abraham Accounting
- Or self-file with CRA-certified software
Choose the option that best fits your corporation’s needs and capabilities.