Corporate Accountant in Canada
A corporate accountant prepares a Canadian corporation's year-end financial statements and T2 corporate tax return, and advises on decisions like salary versus dividends, retained earnings and registered plans. Accountants Online provides corporate accounting fully online for incorporated businesses across Canada — from monthly bookkeeping through GIFI schedules and T2 e-filing with the CRA. Our corporate work is led by a CPA licensed in Ontario and British Columbia.
Written by the Accountants Online Tax Team · Last reviewed: September 11, 2026 · Tax year: 2026
What a corporate accountant does
- Year-end financial statements: income statement, balance sheet and notes.
- T2 corporate income tax return with GIFI schedules, e-filed with the CRA.
- Bookkeeping that keeps the corporate records audit-ready all year.
- Payroll and T5 slip filings for shareholder salaries and dividends.
- Tax planning: salary versus dividends, retained earnings, RSP and corporate structures.
Who needs a corporate accountant
Most resident Canadian corporations, including inactive corporations, must file a T2 annually using complete financial records. Exceptions include tax-exempt Crown corporations, Hutterite colonies and corporations registered as charities throughout the year. Owner-managed businesses also need to coordinate corporate and personal tax when deciding on salary, dividends and retained earnings.
Salary or dividends: what changes
Salary is deductible to the corporation, requires payroll remittances and creates RRSP contribution room. Dividends are paid from after-tax corporate income and are taxed personally at dividend rates without payroll or RRSP room. The right mix depends on your income, cash needs and province — it should be decided with the numbers in front of you, not by rule of thumb.
Corporate deadlines
- T2 return: due six months after the fiscal year end.
- Income tax balance: generally two months after year end; qualifying CCPCs have three months if small business deduction and previous-year income/business-limit tests are met, including rules for associated corporations.
- T5 slips for dividends: due by the end of February.
- Late T2 penalty: 5% of unpaid tax plus 1% per full month late, up to 12 months.
Pricing
T2 corporate returns start at $500 plus tax with financial statements, quoted flat before work begins. Monthly bookkeeping from $199 keeps the year-end fast and lowers the return's cost. See the Pricing page for details.
Common corporate mistakes
- Not filing for a dormant corporation — the obligation never pauses.
- Paying dividends without filing T5 slips.
- Missing capital cost allowance on eligible asset purchases.
- Making salary-versus-dividend decisions without checking the combined corporate and personal result.
Frequently asked questions
Does every Canadian corporation need a corporate accountant?
There is no general legal requirement to hire an accountant. Most resident corporations must file a T2 each year based on complete financial records, subject to specific CRA exceptions. An accountant can help owner-managers with the return, tax planning, payroll and applicable dividend reporting.
What does a corporate accountant prepare at year end?
Income statement and balance sheet, the GIFI schedules that go with them, and the T2 corporate income tax return e-filed with the CRA — plus T5 slips if the corporation paid shareholder dividends.
Should I pay myself salary or dividends?
Salary is deductible to the corporation and builds RRSP room but requires payroll; dividends avoid payroll but are taxed personally at dividend rates. The best mix depends on your income and province and should be decided by running both scenarios on your actual numbers.
When is my corporation's T2 return due?
A required T2 return is due six months after tax year end, including for inactive corporations. The income tax balance is generally due after two months; qualifying CCPCs have three months under the small business deduction and previous-year income/business-limit tests. Associated-corporation rules and instalment obligations must also be considered.
How much does corporate accounting cost in Canada?
T2 corporate returns with financial statements start at $500 plus tax, quoted as a flat rate before work begins. Monthly bookkeeping plans from $199 per month keep year-end preparation faster and cheaper.