T2 CORPORATION INCOME TAX RETURNS
What Are T2 Corporation Income Tax Returns?
T2 Corporation Income Tax Returns are the official documents submitted to the CRA by your Accountant on behalf of your incorporated business. These returns outline the financial details and tax obligations of your company.
Why Do Lenders Require The T2?
Lenders require the T2 Corporation Income Tax Returns to gain a comprehensive understanding of your business’s financial health. They examine both the gross income and net income of your company, along with the breakdown of expenses claimed by your Accountant. Additionally, lenders seek assurance that your business has no outstanding income taxes owed to the CRA. For self-employed individuals, the T2 may allow us to “add back” certain expenses into your income, improving your eligibility for financing options.
How Can I Obtain T2?
You can typically find your T2 Corporation Income Tax Returns in your tax file. However, there are alternative ways to obtain or complete this document. Consider reaching out to your Accountant, a reputable tax company such as H&R Block, or the individual who prepared and filed your taxes.
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