– Corporations are required to file their T2 return within six months of the end of their fiscal year. For example, if your year ends on December 31, your filing deadline is June 30.

– Yes, they are usually different. Most corporations must pay their balance due within 2 months after their fiscal year-end, though certain Canadian-controlled private corporations (CCPCs) may have up to three months.

– You can deduct most reasonable current expenses incurred to earn income, such as rent, office supplies, professional fees (accounting and legal), and salaries. Note that some items, like meals and entertainment, are typically only 50% deductible.

– Your first fiscal period can be up to 53 weeks long. Many business owners choose a date that aligns with their natural slow season or push the first year-end as far as possible to defer their initial tax bill.

– The SBD reduces the federal tax rate on the first $500,000 of active business income for CCPCs.
This can lower your effective federal tax rate significantly (often to around 9%) compared to the general corporate rate.