Yes. Nothing requires a corporation to use an accountant. It can prepare and file its own T2 using CRA-certified tax software, and for tax years starting after 2023 most corporations have to file electronically anyway.
Whether it makes sense is a different question. The T2 asks for a lot more than a personal return does.
What the T2 needs from you
Financial statements in GIFI format. The balance sheet goes on Schedule 100 and the income statement on Schedule 125, line by line, using the CRA’s codes.
The move from accounting income to tax income. Schedule 1 starts from the net income on your statements and adjusts it for items treated differently for tax.
Schedule 141. It asks who was involved in preparing the financial statements, at what level, and whether the person preparing the T2 holds an accounting designation.
Two dates to keep straight
The return is due six months after the tax year-end. The balance owing is generally due two months after year-end, or three months for a Canadian-controlled private corporation claiming the small business deduction. Filing yourself does not change either date.
When owners usually hand it over
Most owners who start on their own hand it over once the year gets more involved: dividends paid to shareholders, money moving between the owner and the corporation, equipment bought or sold, or a second corporation such as a holding company.
We explain the financial statement schedules in more detail in how to complete T2 Schedule 100 and 125.
If you would rather not do it yourself, you can hand the T2 to a CPA in Mississauga at Adian Professional Corporation.
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If you want to know that way, I recommend you to go through the entire report.
