Using tax preparation software

If you are preparing your return using tax preparation software, you must use CRA-certified software. We certify commercial software to ensure that it meets our specifications.

You can file your return electronically by using one of the following services:

• Corporation Internet Filing service; or
• My Business Account, if you are a business owner; or
• Represent a Client, if you are an authorized representative or employee.

You can also print the T2 Bar Code Return and mail it to the CRA.

Using tax preparation software allows you to complete all return and schedule information electronically within the software program, including any financial statement information using the GIFI codes. For more information on GIFI codes, see General Index of Financial Information (GIFI).

Most corporations can file their return electronically using the Internet. It is mandatory for certain corporations with annual gross revenues that exceed $1 million. For information on mandatory Internet filing, go to Mandatory Internet Filing for T2 Corporation Tax Returns.

If you file through an electronic transmitter, you have to authorize the transmitter by completing a T183CORP, Information Return for Corporations Filing Electronically, for each tax year. Do not send this form to us, but keep it in case we ask for it later.

NAICS codes and corporation income tax (T2) returns

All certified tax preparation software for T2 returns will use self-identified North American Industry Classification System (NAICS) codes. As a result, corporations no longer need to fill out lines 281, 282 and 283. These lines have been removed from the T2 return.

The integration of NAICS codes into T2 commercial tax preparation software packages means that corporations have to pick their main revenue-generating business activity directly from a drop-down list and/or a simple search. Active corporations that file their T2 returns either by internet or on paper using 2D bar codes must choose the most appropriate code, as provided by the software, to describe their main revenue-generating business activity. Corporations using the agency-provided return do not have to enter a NAICS code.

Avoiding errors

It is important that you select the most accurate business activity the first time since the first year's code is carried forward to following years, allowing for a simple validation of the description when there is no change in the main business activity.

If you do not select the business activity, problems and errors will result when preparing the T2 return to be transmitted electronically or printed in bar-coded format.

If you have any questions on selecting NAICS codes to describe your corporation's main revenue generating business activity when filing your T2 return, call the Business Enquiries line at 1-800-959-5525.

Additional paper schedules

Whether you send it to us electronically or by printing and mailing the T2 Bar Code Return, do not send in any additional paper copies of schedules, or the client copy of your T2 return generated by your tax software. The client copy is for your records only.

Sending certificates or elections

If you have to file a certificate or an election form with your return and you are filing your T2 return electronically:

• If the election or the certificate has a prescribed form, such as Form T2054, Election for a Capital Dividend under Subsection 83(2), send the document to your tax centre.
• If the election does not have a prescribed form, and:
  • you are filing by Corporation Internet Filing, enter the election details in the notes to the financial statements in the GIFI section of your software program, unless otherwise specified on a T2 related form.
  • you are printing and mailing a T2 Bar Code Return, send your notes on a separate piece of paper with your T2 Bar Code Return.

Your slips, receipts, and documents

Although you do not need to send them in to us, keep all corporation information slips, receipts, and papers for at least 6 years. We may ask to see them at a later date.

Related Topics

• General index of financial information (GIFI)
• Software
• 2D Bar Code
• Where to send your corporation income tax (T2) return
• Corporation Internet Filing
• T2 return and schedules

Date modified:

2017-02-21