The Canada Revenue Agency is in charge of corporate tax regulation at the federal level.
Provinces administer their own tax systems and set general corporate tax rates that apply to both large and small business corporations, regardless of size.
The general corporate tax is levied on the earnings of all business corporations, large and small, after deducting general tax reductions. And these rates have fluctuated over the years.
The Canadian government introduced many reforms in its corporate tax system to facilitate the business community due to COVID 19.
Big corporations paid a 28% general corporate tax rate in 2019, while small businesses paid an 8.5% rate in 2019. Since the beginning of the year 2020, the same has been reduced to 10% of the total. Moreover, on January 1, 2022, the rate was further reduced to 8%.
Normally, the deadline is April 30th of every year, but since 2022 is a Sunday, the date is extended to April 2nd, which is the next working day. Your tax return will be considered on time if it is received on or before April 2, 2022.
You should file your tax return on time to avoid penalties and to get a tax refund on time. The delay can affect or delay your government benefits.
All corporations located in Canada (except those exempted) are bound to file corporate income tax returns on T-2 form every year, even if there is no tax on them. The organisations are:
Many corporations can use the internet to file their tax returns electronically, and it is mandatory for those corporations whose gross revenue during the year is more than $1 million.
The non-resident corporation will file their tax return on the T-2 form in various situations. The following categories are included:
Corporations will file tax returns even if the profit or gain is exempt from the corporate income tax due to certain tax treaties.
Non-resident corporations having profits or capital gains are exempt from filing tax returns if:
The non-resident corporations will file the tax return in the event:
Non-resident corporations must file their T-2 return, schedules, and a general index of financial information in Canadian currency. They are not allowed to file in the functional currency as per section 261.
ODSP stands for “Ontario Disability Support Program.” This is a social assistance programme that supports the income and employment of disabled people residing in Ontario.
A disabled person qualifying for employment support is not eligible for income support.
It supports disabled people financially to meet their food needs, their medical needs, and their vision problems.
Before applying for ODSP support, you should look for other sources, like:
It means that the ODSP scheme is your last resort, but if you do not get benefits from the above, you should apply for the ODSP scheme.
You are eligible for this scheme if:
To establish your disability under the ODSP Act, you will go through some steps.
The ODSP disability refers to a person disabled physically or mentally, and this disability is recurrent and continuous and expected to continue for a year or more.
Further, the disability may hamper the disabled person from:
A healthcare professional will verify the disability, its duration, and its intensity.
Call or visit your local ODSP office.
You can apply online by visiting ontario.ca/socialassistance.
Even in the case of an online application, you need to come to the ODSP office to discuss your case with a co-worker. And, by applying online, you can assess your eligibility for the programme and also sort out other similar programmes.