Who this is for
- Canadian sole proprietors who have incorporated, or are about to, and are moving the same business into the corporation
- Bookkeepers and owners preparing the final T2125 and the corporation's first T2
Not covered here
- Whether the income tax rollover applies, the agreed amounts and the election forms
- Which CRA accounts to open first, and fixing a wrong GST/HST setup
- Provincial sales taxes, Québec's own tax forms and land transfer tax
- Setting up the new corporation's chart of accounts, share capital and bank account
- Paying yourself from the corporation
Sole prop to corp: what changes in the books?
Two sets of books replace one. The sole proprietorship's books stop at the transfer date. The corporation's books start at incorporation, and the business enters them on the transfer date. The CRA treats incorporating an existing business as a change of legal status: the corporation gets a new business number (BN), and the program accounts on the old BN do not move to it (CRA: Change of legal status).
| Sole proprietorship (old books) | Corporation (new books) | |
|---|---|---|
| Period | Ends the day before the transfer date | Own entries from incorporation; the business enters on the transfer date; the first tax year starts on incorporation |
| Tax return | Final T2125, filed with the owner's personal return | T2 for the corporation's own tax year |
| CRA accounts | Old BN and accounts generally closed | New BN and accounts as needed |
| The owner is | The business itself | A shareholder, who may be owed money by the corporation or owe it money |
A case stops being simple when equipment, inventory, receivables, loans and the GST/HST and payroll accounts all move together. Each piece has its own rule, form or deadline: an asset left off the election is treated as sold at market value, an election filed late (up to 3 years after its deadline) carries a penalty of up to $8,000 (Income Tax Act, subsections 85(7) and (8)), and tax can apply to the transfer if the GST/HST conditions are not met. The corporation's first T2 must also tie back to the final T2125: what leaves the old books at the cutoff enters the corporation's books through the transfer entry, and anything the owner keeps stays out.
Gather before you start:
- The transfer date and the incorporation date
- What the corporation has paid or received since it was incorporated
- The signed transfer agreement, or its draft
- Every asset, with its cost, remaining tax cost (what is left to claim as depreciation) and market value
- Customer invoices and supplier bills unpaid on the transfer date
- Loans, leases and credit cards, with their agreements
- The BN, GST/HST and payroll account numbers and the last returns filed
- The sole proprietorship's books up to the transfer date
The usual order:
- Settle the transfer date and the transfer agreement, with a value for each item.
- Register the corporation's CRA accounts. If the owner is a GST/HST registrant, register the corporation for GST/HST first: the GST44 election is not available when the owner is registered and the corporation is not.
- Close the old books at the cutoff.
- Record the transfer in both sets of books on the transfer date.
- File the income tax and GST/HST elections by their deadlines.
- File the final T2125, the final GST/HST and payroll returns and the corporation's first T2, and close the old accounts.
This page covers the books. For the income tax rollover (a section 85 election, which sets an agreed value for each asset) and its election forms, see Moving a business into a corporation. For which CRA accounts to open, see After you incorporate.
What cutoff date closes the sole proprietorship's books, and what does the final T2125 cover?
When the whole business moves, the cutoff is the transfer date: the date the corporation takes over, as written in the transfer agreement. The old books run through the day before, with the transfer itself recorded on the transfer date, and the corporation's business starts on the transfer date. Self-employed individuals generally have a December 31 year-end, and the CRA says a fiscal period can be shorter when a business stops (CRA: T4002, chapter 1). For a business with the usual December 31 year-end, the final T2125 therefore covers January 1 to the day before the transfer date, not the full calendar year. If the owner keeps part of the business, the sole proprietorship carries on and its books do not close: confirm the treatment before closing anything.
Self-employed income must be reported on the accrual method, except that farmers, fishers and commission agents can choose cash (CRA: T4002, chapter 1). On accrual, income earned and expenses incurred up to the cutoff belong in the final T2125 even if they are unpaid.
To close the old books:
- Reconcile the old bank account and cards to the cutoff date.
- List customer invoices and supplier bills unpaid at the cutoff.
- Count inventory at the cutoff and record the final accruals.
- Record the transfer out on the transfer date. Clear each asset, receivable and debt that goes to the corporation at its carrying amount in the old books (cost less depreciation taken), record the shares received as "Investment in the corporation" and any note as a note receivable, and book any difference to a gain or loss on transfer. Anything the owner keeps stays on the old books.
- Save the closing reports. They support the final T2125 and the corporation's opening entry.
The transfer also has a tax result, worked out from the agreed amounts (election) or market value (no election), not from the books. Recapture of past depreciation goes on line 8230 of the final T2125 and a terminal loss on line 9270 (CRA: T2125 column 5), profit on inventory is business income (Income Tax Act, subsection 9(1)), and a capital gain goes on Schedule 3 (CRA: T4037). A valid section 85 election can defer these amounts: see Moving a business into a corporation.
The final T2125 goes on the owner's personal return for the year of the transfer. A person who carried on a business generally files that return by June 15, but a balance owing is due April 30 (CRA: Due dates and payment dates).
The corporation's first tax year begins on its date of incorporation and cannot be longer than 53 weeks (CRA: Determining your corporation's tax year). If incorporation came before the transfer date, the days in between sit in that first year. Record the corporation's own transactions from incorporation, such as the share subscription and any costs it paid, and post the transfer entry on the transfer date. The T2 is due within six months after the tax year-end (CRA: T2 guide).
Which assets, inventory, receivables and debts move to the corporation, and at what value?
Only property listed in the transfer agreement moves, and the agreement gives each item a value. For tax, the corporation's cost is the price without a section 85 election, and with one it is the agreed amount, the value the owner and the corporation jointly put on the asset. The corporation's book amount follows the accounting basis of its financial statements and can differ from that tax cost, so confirm the basis before posting and keep both figures.
If the corporation began operating the business and nothing was signed, the books still need a transfer date. Write the transfer agreement now, with the real transfer date and a value for each item, and do not date it earlier than it happened. The election deadline below runs from the year of the transfer, so an unsigned transfer does not delay it.
The agreed amount is the owner's proceeds and the corporation's cost (Income Tax Act, paragraph 85(1)(a)). Without an election, a sale to the corporation for less than market value is treated as made at market value for the owner (Income Tax Act, paragraph 69(1)(b)), because a corporation and the person who controls it are treated as not dealing at arm's length (Income Tax Act, section 251). For the corporation, section 69 only caps a cost above market value (paragraph 69(1)(a)), so its cost stays at the price it paid.
| Item | Gather | Tax cost, or balance taken on |
|---|---|---|
| Equipment, vehicles, tools | Cost, remaining tax cost, market value | The agreed amount (election) or the sale price (no election) |
| Inventory | Count at the cutoff, cost, market value | The agreed amount or the sale price |
| Unpaid customer invoices | The list at the cutoff, with tax charged | The price in the agreement. Face value is the simple case; a lower price has its own tax rule, such as the section 22 election (not for the same debts as section 85): see Moving a business into a corporation |
| Goodwill, customer lists, other items with no purchase receipt | What the business is worth beyond its listed assets | The agreed amount or price; list them anyway |
| Supplier bills, loans, lease balances | Balances at the cutoff and the agreements | The balance taken on, if the other party agrees |
| Customer deposits for work not yet done | The deposit list | A debt taken on, if the corporation does the work |
The agreed amount has limits that depend on the kind of asset, and book values alone do not set it. For a passenger vehicle over the prescribed cost limit, the Act fixes the agreed amount, so it is not a free choice (Income Tax Act, paragraphs 85(1)(e.4) and (e.5)).
What the corporation gives must include at least one share (Income Tax Act, subsection 85(1)), and the CRA treats property left off the election as sold at market value (CRA: IC76-19). List everything that moves, including goodwill. The owner and the corporation make the election jointly on Form T2057, due by the earliest income tax return filing deadline of either party for the transfer year (Income Tax Act, subsection 85(6)). For a self-employed owner that is usually June 15 after the transfer year, unless the corporation's T2 for that year is due sooner. The limits and late filing are in Moving a business into a corporation. For depreciable property, the corporation's capital cost for capital cost allowance follows its own rule: see Capital cost allowance.
How do I make the corporation's opening entries?
The corporation books one transfer entry dated the transfer date, in addition to any earlier entries since incorporation: a debit for each asset at its opening book amount, a credit for each debt taken on, a credit to share capital for the shares issued, and a credit to due to shareholder for the balance owed to the owner. Debits equal credits.
| Side | Account | Comes from |
|---|---|---|
| Debit | Equipment, inventory, receivables, deposits (one line each) | The opening book amount of each asset |
| Credit | Accounts payable, loans taken on | Balances at the cutoff |
| Credit | Share capital | The value of the shares the agreement says were issued |
| Credit | Due to shareholder | A note or unpaid price owed to the owner |
Cash the owner puts in goes the same way: debit the new bank account, and credit share capital or due to shareholder as the agreement says. For the due to shareholder account, see The shareholder loan account.
Keep the tax cost of each asset in a fixed-asset schedule beside its book amount. Later capital cost allowance and gains run from the tax figure, which is the agreed amount (election) or the price paid (no election), except where the capital cost rule differs. To name the accounts so they map to the T2, see Chart of accounts for GIFI. To set up share capital and the bank account, see Books for a new CCPC.
What happens to the old bank account, credit cards, loans, leases and unpaid invoices?
From the transfer date, the corporation's business runs through accounts in the corporation's name. A loan, lease or card in the owner's name moves only on the terms of its own agreement.
| Item | What to do | In the books |
|---|---|---|
| Old business bank account | Use it only to clear items from before the cutoff, then close it | Match each later item to its owner: corporate items go in the corporation's books, and the owner's retained items stay out |
| Credit cards | Open a card in the corporation's name | A corporate cost paid on the owner's card is paid personally: record it as due to shareholder (see Business expenses paid personally) |
| Loans and leases | Read each agreement and ask the lender or lessor whether the corporation can take it over | If it moves: a debt in the opening entry. If it stays: the owner's, and settle how the corporation pays for it before the first payment |
| Unpaid customer invoices | The corporation takes them over under the agreement, or the owner collects them. Tell customers where to pay | Taken over: a receivable in the opening entry. Either way, income earned up to the cutoff stays in the final T2125 |
Keeping the old account running mixes customer payments with personal spending. Each deposit then becomes a question about whose income it is. See Corporate income in a personal account and Corporation paid personal expenses.
Does GST/HST apply to moving the business, and does the corporation need its own account?
The corporation needs its own GST/HST (RT) account once its taxable sales go above the small-supplier limit, or earlier if it chooses to register; the old account does not move to it. For an owner who is a GST/HST registrant, moving taxable assets to the corporation is a sale, so tax applies unless an exception does. If the business is physically located in Québec, Revenu Québec administers the GST/HST: register and file with it and use its forms (CRA: Register for a business number as a resident). A joint election on Form GST44 (Québec uses a Revenu Québec form: see After you incorporate) can remove the tax on most of the property when the corporation takes over all or substantially all (generally 90% or more) of the property needed to run the business (CRA: Memorandum 14-4).
The conditions decide the answer (Excise Tax Act, section 167):
- The election is not available when the old owner is a GST/HST registrant and the corporation is not, so register the corporation first. The Act does not say when that status is tested: confirm the registration date covers the transfer.
- A registered corporation files the election by the due date of its first GST/HST return covering tax that would otherwise arise on the transfer, or a later day the CRA allows on its application.
- Tax still applies to taxable services the old owner will keep providing, and to leases and licences.
- If the corporation is not registered, tax also applies to a taxable sale of real property.
The corporation is a different person from the proprietor. The CRA says to register RT and RP accounts on the new BN if the corporation needs them (CRA: Change of legal status). The small-supplier limit counts taxable sales by the person and by its associates (Excise Tax Act, section 148). A person who controls a corporation is associated with it (section 127), so the old owner's taxable sales can count toward the corporation's total. See When to register for GST/HST.
To close the old account, file the final return. For a business that closes, the CRA says the cancellation date is the day the business closes, that closing creates two reporting periods, and that each return is due one month after the period ends; the second return is needed only if there is tax to remit for it (CRA: Close your GST/HST account). That page does not mention a change to a corporation, so confirm the cancellation date with the CRA. Property other than capital property that the old owner still holds for the business when the registration ends is treated as sold at market value, with tax calculated on it (Excise Tax Act, subsection 171(3)). The CRA also treats capital property still held for the business as sold, with tax equal to its basic tax content, and the change-in-use rules decide whether any tax is owing (CRA: Close your GST/HST account).
Tax already charged on an invoice the old owner issued was charged under the old account, so the corporation does not charge it again when it collects the money. Invoices for sales the corporation makes carry its name and, if it is registered, its own RT number; see After you incorporate for fixing a wrong number. In the corporation's books, record GST/HST from its first sale: Recording GST/HST in your books. PST and QST on transferred assets follow provincial law and are not covered here.
What happens to the payroll account and the other CRA accounts?
The old payroll and GST/HST accounts end with the proprietorship. The CRA tells a sole proprietor who incorporates to register the corporation's BN, register RT and RP accounts on the new BN if needed, and close the old BN and every program account on it (CRA: Change of legal status). If any part of the sole proprietorship carries on, confirm with the CRA before closing the old BN.
| Account | Old (sole proprietorship) | New (corporation) |
|---|---|---|
| BN | Generally close | New BN, with incorporation or by CRA registration |
| RC (corporation income tax) | Not applicable | Comes with the new BN |
| RT (GST/HST) | File the final return, then close | Register if needed |
| RP (payroll) | Final remittance and slips, then close | Register before the first pay |
RT is the GST/HST account, RP payroll and RC corporation income tax (CRA: Program accounts you may need).
Before closing the old payroll account, remit all source deductions, file the final information returns and give each employee the T4 slip copies (CRA: Closing your accounts). The CRA lists a change in legal status as a trigger for a final remittance within 7 calendar days (CRA: When to remit). Information returns are due 30 days from the date the business stops operating, but when the predecessor's remittance balance moves to the successor's payroll account, the successor files for the whole year and the predecessor files nothing for the earlier period; the CRA applies these rules to an employer restructuring (CRA: When to file). That page does not name a proprietor who incorporates, so ask the CRA whether the old balance will move to the corporation's account before you issue slips or close the old account.
When the corporation immediately takes over the employees, it may count the CPP contributions and EI premiums the owner already withheld for them that year. The CRA allows a successor employer, including a corporation formed by a proprietor, to consider amounts the former employer deducted, subject to its conditions; an employee hired later does not qualify (CRA: Succession of employers).
Closing the old accounts does not end the owner's liability for them. If the corporation paid less than market value for the property, it can owe the owner's tax and GST/HST for the transfer year and earlier, up to the shortfall, and the CRA can assess it at any time; the owner stays liable too (Income Tax Act, section 160; Excise Tax Act, section 325). As a director, the owner can also be personally liable for the corporation's unremitted payroll deductions and GST/HST, and the CRA must act within 2 years after the owner last ceases to be a director (Income Tax Act, section 227.1; Excise Tax Act, section 323). See After you incorporate.
In the books, the old payroll liabilities are cleared by the final remittance, and the corporation opens its own payroll accounts from its first pay. See Running payroll and Payroll journal entry. For the owner's own pay, see Paying yourself from your corporation in year one.
Which entity gets the sales and bills dated near the transfer date?
The entity that supplied the goods or services, or incurred the cost. Invoice and payment dates alone do not decide it: a bill issued after the transfer for work the owner finished before it is still the owner's sale (CRA: T4002, chapter 1, accrual method). The CRA's pages on changing legal status and closing accounts give no special rule for an invoice that straddles the date, so follow the transfer agreement and keep proof of the cutoff: a dated list of open invoices and bills, and the bank balances on that day.
| Item | Supplied or incurred before the cutoff | Supplied or incurred on or after the cutoff |
|---|---|---|
| Sale | Old owner's income in the final T2125, whatever the invoice date; the receivable moves only if the agreement says so | The corporation's revenue, in its name and with its RT number if it is registered |
| Supplier cost | Old owner's expense, whatever the bill date; an unpaid bill moves only if the corporation takes it on | The corporation's expense |
Tell customers and suppliers the corporation's legal name and the date they start dealing with it, and keep a copy of the notice.
What records do I keep for each side?
The old owner keeps the sole proprietorship's records and the corporation keeps its own. Copies of the transfer agreement and asset list go to both.
The CRA generally requires records for six years from the end of the last tax year they relate to (CRA: Business records). When an unincorporated business ends, that period runs from the end of the tax year in which it ended. GST/HST records are generally kept 6 years too. Records of long-term property purchases and disposals must be kept indefinitely (CRA: How long to keep your records). See How long to keep business records.
| The sole proprietorship's file | The corporation's file |
|---|---|
| Final T2125 working papers and closing reports | Certificate of incorporation and the new BN, RT and RP notices |
| Last bank and card statements | The opening entry and the papers behind each value |
| Unpaid invoice and bill lists, inventory count | The asset list with cost, market value and agreed amount |
| Final GST/HST return, payroll remittance and slips | Copies of the T2057 and GST44 as filed |
| Confirmation that each account is closed | The signed transfer agreement |
Example
These examples are illustrative; all amounts are Canadian dollars.
An Ontario consultant incorporates on July 1
Her final T2125 covers January 1 to June 30 and shows $40,000 of net income. The corporation takes in the business on July 1. Equipment worth $6,000 moves in for $1,000 of shares and a $5,000 note owed to her. GST/HST on the transfer is left out of this example. Assume the equipment cost her $6,000 and is still carried at that tax cost, so an agreed amount of $6,000 creates no gain or recapture (tax on depreciation already claimed). The agreed amount is not below the $5,000 note and not above the equipment's value. Assume too that the agreement value, the tax cost and the book amount are all $6,000. On her old books she clears the equipment at $6,000 and records the $1,000 of shares as an investment in the corporation and the $5,000 note as a note receivable.
| July 1 opening entry | Debit | Credit |
|---|---|---|
| Equipment | 6,000 | |
| Share capital | 1,000 | |
| Due to shareholder | 5,000 |
A retailer moves the whole shop
Both the retailer and the new corporation are GST/HST registrants, and the whole shop moves, so the GST44 election can apply if its conditions are met. The agreement values the stock at $20,000 and the receivables at $5,000, and the corporation takes on $3,000 of supplier balances and issues $22,000 of shares. Assume the book amounts equal those values. The transfer entry debits inventory $20,000 and receivables $5,000, and credits accounts payable $3,000 and share capital $22,000. The old owner files a final GST/HST return, and customers pay the corporation.
A contractor keeps the old account three more months
The corporation's customers pay $30,000 into the old account. The contractor pays $12,000 of the corporation's supplier bills from it and spends $6,000 on personal items, and $12,000 is still in the account. Ignore GST/HST here, and assume none of these sales or costs is recorded yet. The corporation's books record it in one entry: debit expenses $12,000 and due from shareholder $18,000, credit revenue $30,000. If the invoices or bills were already posted, clear the receivables or payables instead of booking the income or expense again. Moving the $12,000 into the corporation's account cuts the amount due from the owner to $6,000. That balance is normally recorded as owed to the corporation until it is repaid or cleared, and it needs cleanup before the first T2. Whether any of it is taxable depends on the facts; see Shareholder loans.
Different for you?
- Equipment, inventory, loans, receivables and CRA accounts all have to move at once: the transfer values, the elections and the opening entries must agree with each other and with the final T2125. Get corporate tax help before the first T2.
- You have not moved the assets yet, never signed a transfer, or the election deadline has passed: the rollover and its late-filing rules are in Moving a business into a corporation; an unsigned transfer or a missed election is a reason to get corporate tax help.
- You keep part of the business personally: confirm with the CRA before closing the old business number or its accounts, and get corporate tax help to split what moves from what stays.
- The corporation paid less than market value, or the old business owes tax or has a notice: the owner and the corporation can each be liable for the old amounts, so get corporate tax help before the transfer.
- The corporation used your personal GST/HST number, or no corporate account exists: see After you incorporate.
- Your books are behind, or the old account is still in use: see Catching up on overdue books and bookkeeping help.
- You have employees: see Running payroll.
- Land or a building moves, or the business is in Québec: provincial land transfer tax, sales taxes, Québec's own forms and Québec payroll follow provincial rules, and Revenu Québec administers the GST/HST there; get corporate tax help before signing the transfer.
- You are still deciding whether to incorporate: see Sole proprietorship or corporation?.
- You need the corporation's first year-end statements: see Year-end financial statements for a corporation.
Figures on this page
| Figure | Value | Source |
|---|---|---|
| Section 85 late-election filing window After the ordinary election deadline, with prescribed form and estimated penalty paid on filing; later relief is discretionary | 3 years | Income Tax Act: Section 85 election Checked |
| Section 85 late election fixed-amount cap Maximum of the fixed monthly penalty branch; the actual penalty is the lesser of the two statutory branches | $8,000 | Justice Laws: Income Tax Act, subsection 85(8) Checked |
| General Canadian self-employed return filing date General filing date after the tax year when the taxpayer or spouse is self-employed; a balance remains due April 30 and exceptions can apply | June 15 | CRA: Due dates and payment dates Checked |
| General Canadian personal return filing and balance payment date General date after the tax year; the next business day may apply for a weekend or recognized holiday, and some returns have different filing dates | April 30 | CRA: Due dates and payment dates Checked |
| Longest corporate tax year A corporation's tax year is its fiscal period; it cannot be longer than 53 weeks (371 days). The first tax year starts on the date of incorporation. | 53 weeks | CRA: Determining your corporation's tax year Checked |
| T2, Quebec CO-17 and Alberta AT1 filing deadline Each return is generally due within six months after the corporation's tax year-end; payment deadlines can be earlier | Six months | CRA: T2 Corporation Income Tax Guide, When to File Checked |
| Federal section 85 rollover election deadline The proprietor and corporation jointly elect on Form T2057 under Income Tax Act subsections 85(1) and 85(6) | The earliest income tax return filing deadline of either party for the transfer year | Income Tax Act: subsection 85(6) Checked |
| Fair-market-value share of necessary property for GST/HST business-sale election Under the agreement, the buyer obtains ownership, possession or use of all or substantially all (generally 90% or more) of the fair market value of property reasonably necessary to carry on the business | 90% | CRA: GST/HST memorandum 14-4 Checked |
| GST44 filing deadline for a registered recipient The supplier and recipient make the election jointly; the registered recipient files it, unless CRA allows a later date | The due date of its first GST/HST return covering tax that would otherwise arise on the transfer | Excise Tax Act: subsection 167(1.1) Checked |
| GST/HST closing-period return deadline After each reporting period created on cancellation, including an annual filer's short period; the second return is required only if tax is remittable. Excise Tax Act 238(1)(b), 238(2), and 251(2); CRA's example agrees. | One month | CRA: Close your GST/HST account Checked |
| Final payroll remittance after business stops Measured from the date the business stops operating | 7 calendar days | CRA: When to remit payroll deductions Checked |
| Final payroll information-return deadline after business stops Measured from the date the business stops operating | 30 days | CRA: When to file payroll information returns Checked |
| Time to assess a transferee for another person's income tax debt Income Tax Act subsection 160(2) permits assessment at any time when section 160 applies | At any time | Income Tax Act, subsection 160(2) Checked |
| Director liability limit after leaving office Income-tax recovery proceeding and, by statutory cross-reference, CPP and EI recovery proceedings; GST/HST director assessment has the same period under Excise Tax Act section 323(5) | 2 years | Income Tax Act: Director liability Checked |
| General business record retention period From the end of the last tax year to which the records relate. | Six years | CRA: Business records Checked |
| Usual GST/HST records retention period Generally from the end of the last tax year to which the records relate; long-term property records and other exceptions can require longer retention | 6 years | CRA: GST/HST records to keep Checked |
Primary sources
- CRA: Change of legal status
- CRA: Closing your accounts
- CRA: Program accounts you may need
- CRA: Register for a business number as a resident
- CRA: Close your GST/HST account
- CRA: When to remit payroll deductions
- CRA: When to file payroll information returns
- CRA: Employer restructuring and succession of employers
- CRA: Information Circular 76-19, Transfer of Property to a Corporation Under Section 85
- CRA: Form T2057
- CRA: Form GST44
- CRA: GST/HST Memorandum 14-4, Sale of a business or part of a business
- Justice Laws: Income Tax Act, section 85
- Justice Laws: Income Tax Act, section 22
- Justice Laws: Income Tax Act, section 69
- Justice Laws: Income Tax Act, section 251
- Justice Laws: Income Tax Act, section 9
- Justice Laws: Income Tax Act, section 160
- Justice Laws: Income Tax Act, section 227.1
- Justice Laws: Excise Tax Act, section 325
- Justice Laws: Excise Tax Act, section 323
- CRA: T2125 column 5, undepreciated capital cost after additions and dispositions
- CRA: T4037 Capital gains
- Justice Laws: Excise Tax Act, section 167
- Justice Laws: Excise Tax Act, section 148
- Justice Laws: Excise Tax Act, section 127
- Justice Laws: Excise Tax Act, section 171
- CRA: T4002 Self-employed business, professional, commission, farming, and fishing income, chapter 1
- CRA: Business records
- CRA: How long to keep your records
- CRA: Determining your corporation's tax year
- CRA: Due dates and payment dates
- CRA: T2 Corporation Income Tax Guide, before you start
About this guide
Published by Cloud Accounting under standing professional approval. This version has no separately recorded personal review. It explains general rules for the tax year shown. It is not advice for your situation.
Changes
- : First published.