Corporate Year End

Whether you are a growing, well-established business or non-profit, Tao Li Chartered Professional Accountants can provide the bookkeeping, payroll, tax and internal accounting services you require.

If you are looking for consistency and continuity for your organization’s accounting and financial practices, we offer a stress-free, long-term solution.


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Virtually everything you do has tax implications. Canada’s complex and continually changing legislative environment poses a significant tax compliance burden for businesses. Every year, tax laws and interpretations change and become more complex.
It is important to consult with a Charted Professional Accountant who take the time to fully understand your business, ensure you comply with applicable laws and maximize the returns to your business.  We can manage your tax issues, minimize risks, stay on top of legislative changes and informing you of impacts or potential impacts on your business.  We can help you meet all of your tax compliance and planning requirements, including:

Preparation of tax and information returns, tax estimates and instalments;

Advice on benefits of tax deferral and filing positions;

Tax planning and structuring to minimize taxes;

Advice on the tax implications;

Preparation of Canada Revenue Agency ruling requests;

Audit defence and assistance with negotiations and correspondence with federal and provincial tax authorities;

Annual Financial Statements

At TAO LI CPA Professional Corporation, we commit time, energy and professional expertise to help our clients with preparing  financial statements.

Professionally compiled business financial statements makes it a lot easier for all users of the financial statements to understand exactly what the numbers really mean. Reliable and accurate business financial statements is integral to any business and is an important tool to make sound business decisions.

Often the need for business financial statements is driven by the need to file tax returns (corporate, partnership and trust), minimize, plan and determine tax liabilities and support business decisions. For owner-managed enterprises, financial statements are prepared for one or more of three groups of users: managers, owners and banks or other creditors.

However, in many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations.  Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated.

If your company is incorporated in Ontario,  you can learn more about financial statements requirement by simply viewing the link below:

For federal incorporated business, please review the Canada Business Corporation Act.

Financial Statements

To produce a reliable and accurate business financial statements,


Our services can keep you filing current.

Corporate Taxes Returns (T2)

Corporate tax return filings are due 6 months after the year-end. For example, when the corporation’s tax year end is September 30, 2020, the year end would have a March 31, 2021 due date.

Corporate Taxes (T2) Owing

The due dates for balances owing are earlier than the due dates for actually filing the tax returns. For a Canadian Controlled Private Corporation, which claimed the small business deduction for the current or previous year and had taxable income less than $500,000 in the previous year with all associated corporations (if applicable), corporate taxes are due 3 months after the year-end. For other corporation, any taxes owing are due 2 months after the year-end.

Although there is a good chance your corporate taxes are due 3 months after the year-end, because it’s a bit trickier, be sure to speak with your accountant. Remember to contact us if you need assistance on your year-end filing.

Annual GST / HST Filing Deadlines

For annual corporate GST/HST filers, the return and amounts owing are due 3 months after the reporting period end date. For example, a February 1, 2020 – January 31, 2021 filing period means the return is due April 30, 2021.

Note above deadline is applied only to corporate annual filers. For individuals, you can find the deadline information on our personal tax service page. For monthly and quarterly GST/HST filers, please check our accounting service page for detail.