CloudTax provides solutions for filing T2 corporate tax returns, supporting businesses with simple to moderately complex filing needs. Below, we outline the key features and options available for corporate users within the CloudTax application.
Supported T2 Corporate Tax Returns
CloudTax supports electronic filing of T2 corporate income tax returns for Canadian Controlled Private Corporations (CCPCs), including both simple and standard corporate filings.
Under current CRA rules, most corporations are required to file their T2 returns electronically. Paper filing, including the former T2 Short Return, may result in penalties of up to $1,000.
While the CRA no longer accepts the T2 Short form as a separate paper option for most corporations, CloudTax allows you to file the equivalent of a simple T2 return electronically. For straightforward corporations with minimal activity, this can be completed through our platform and submitted directly to the CRA.
Please note that the PDF generated will appear as the standard full T2 return format, as required by CRA-certified software. However, the filing itself reflects the appropriate simplified corporate information where applicable.
CloudTax is designed for standard CCPC filings, including scenarios involving dividends, shareholder activity, losses, and financial summaries.
Highlighted Supported Components:
CloudTax supports the following components while filing T2 corporate returns:
Core Returns and Financial Statements - T2 (200) Corporation Income Tax Return - Schedule 1: Net Income (Loss) for Income Tax Purposes - Schedule 5: Tax Calculation Supplementary - Schedule 100: Balance Sheet Information - Schedule 101: Opening Balance Sheet - Schedule 125: Income Statement Information
Common CCPC Schedules - Schedule 3: Dividends Received and Paid (Part IV tax) - Schedule 4: Corporation Loss Continuity and Application - Schedule 6: Capital Property Dispositions - Schedule 7: Aggregate Investment Income and Small Business Deduction - Schedule 8: Capital Cost Allowance (CCA) - Schedule 9: Related and Associated Corporations - Schedule 11: Transactions with Shareholders, Officers, or Employees
Additional Reporting Requirements - Schedule 19: Non-Resident Shareholder Information - Schedule 24: First-time filer after incorporation, amalgamation, or wind-up - Schedule 50: Shareholder Information - Schedule 88: Internet Business Activities - Schedule 141: Notes Checklist
Filing Suitability and Requirements
CloudTax is designed to support small to mid-sized Canadian corporations with standard T2 corporate income tax filing requirements.
The platform is well suited for corporations with:
• Straightforward financial statements
• Active shareholder transactions, including dividends and compensation
• Loss carryforwards and standard tax adjustments
• Typical income and expense reporting
• Basic balance sheet and retained earnings reporting
CloudTax supports electronic filing in accordance with CRA’s mandatory e-filing requirements. While simple corporations can file electronically through the platform, the return will be generated in the standard T2 format as required by CRA-certified software.
Most common federal T2 schedules and components required for standard CCPC filings are supported. However, highly specialized filings involving uncommon elections, industry-specific reporting, or complex custom schedules may not be supported within the T2 DIY platform.
Summary
CloudTax provides a modern, CRA-certified solution for T2 corporate tax filing. It is built to support Canadian Controlled Private Corporations with standard filing requirements, offering an efficient and compliant way to prepare and electronically submit corporate tax returns.