Corporate tax accountant in Burnaby
Burnaby corporations range from software companies with research claims to fabricators with a yard full of equipment. The T2 is the same form for both, but the schedules that matter are not. EverStone prepares corporate returns for Burnaby businesses remotely, at a fee fixed in writing.
Quick answer: A Burnaby corporation files one T2 that covers both federal and BC corporate tax, due six months after its year-end, with the balance owing earlier. Active business income under the $500,000 business limit is taxed provincially at 2% rather than 12%, and that limit is shared across associated corporations. EverStone prepares the T2, the financial statements and the planning around them, remotely from Abbotsford.
Corporate tax (T2) on its own is quoted after a free consultation, because a holding company and an operating company with payroll are different files. A typical bundle for an owner-managed corporation, covering bookkeeping, payroll and the year-end T2 with statements, usually runs $450–$650 a month. See the published fees.
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The 2% rate, the 12% rate and who shares the limit
British Columbia taxes active business income at 2% up to the $500,000 business limit, and at 12% above it, on top of the federal tax. The low rate depends on the small business deduction, and the deduction depends on the corporation being a Canadian-controlled private corporation. Current rates sit on the BC tax facts page.
The limit is shared across associated corporations. An owner with a Burnaby operating company and a second company in Coquitlam, or a spouse with a corporation of their own, may be dividing one limit between them. Schedule 50 lists the shareholders, and the association rules look past it to who controls what. Associated corporations and the small business deduction explains the tests.
Deadlines that do not wait for the return
The T2 is due six months after year-end. The balance of tax is due sooner: two months after year-end, or three for a CCPC that claims the small business deduction and meets the conditions. Interest runs from the balance-due date even when the return itself is on time. A corporation with a December year-end therefore pays in February or March and files by June 30.
Corporations that owed tax last year generally pay instalments through the current one. The T2 deadline calculator works out both dates from your year-end.
Investment income and the holding company
A profitable Burnaby company often builds up cash it does not need. Leaving it invested inside the operating company is simple, but passive investment income above a threshold reduces the small business deduction the following year. A holding company changes where the investments sit but not, on its own, that grind, because the two corporations are usually associated.
What matters is deciding where surplus cash should live before it piles up, not after. Passive income and the small business deduction and when a holding company makes sense set out the trade-offs.
Paying yourself, and the shareholder loan
Salary goes on a T4, creates RRSP room and attracts CPP. Dividends go on a T5, carry no CPP and create no RRSP room. Most owners land on a mix, and the right one changes as the business grows. The salary vs dividends calculator shows the comparison for a given year.
Money taken out without either becomes a shareholder loan. If it is not repaid within one year after the corporation’s year-end, it is generally taxed as the owner’s income. Tracking the balance monthly is far cheaper than discovering it on the year-end trial balance. See shareholder loans explained.
Research claims and equipment: two schedules Burnaby files lean on
Burnaby has a deep base of software, gaming and engineering companies, and many of them do work that qualifies for SR&ED. The claim is filed on Form T661 with the T2. A CCPC can earn an enhanced refundable credit, which means cash back even in a loss year. The claim stands or falls on records kept while the work happens: who worked on what, and what technical uncertainty they were trying to resolve. More detail is on our tech startup page for Burnaby.
Corporations in the Big Bend and along the Lougheed corridor tend to own a lot of equipment: production machinery, forklifts, trucks and shop tools. Each goes into a CCA class with its own rate, and the timing of a purchase around year-end changes the first year’s claim. The CCA schedule is where most industrial T2s are won or lost. CCA classes in Canada lists the common ones.
How the T2 differs across Burnaby’s main industries
Tech startups centre on SR&ED, CCPC status and share structure. Manufacturers centre on inventory valuation and CCA; see manufacturer accounting in Burnaby. Retailers live or die on closing stock and leasehold improvements. Restaurants carry fit-out costs and tight cash between remittances; see restaurant accounting in Burnaby. Contractors need holdbacks, work in progress and T5018 slips to agree with the revenue on the return.
Fully virtual, based in Abbotsford
EverStone is a one-CPA firm based in Abbotsford, serving Burnaby corporations entirely online. There is no Burnaby office and no local staff. You authorize us through My Business Account, send records through a secure upload link and sign the return electronically. Questions go by email first, with a video call when it helps. The CPA who prepares the T2 is the one who answers your email in the middle of the year, so the planning and the filing never drift apart.
Prepared and reviewed by a Chartered Professional Accountant at EverStone CPA, an Abbotsford CPA firm working remotely with small businesses and incorporated owners across British Columbia. Updated . About the firm · Send an enquiry
Key T2 dates for a Burnaby corporation
| Obligation | When it is due |
|---|---|
| Balance owing | 3 months after fiscal year-end, for a CCPC claiming the small-business deduction |
| T2 return filing | 6 months after fiscal year-end |
| Instalments | Monthly or quarterly, where your corporation is required to pay them |
| Sales tax where you operate | 5% GST plus 7% BC PST: two registrations, two returns |
Source: All CRA deadlines. General information, not advice.
Burnaby corporate tax questions
What is the corporate tax rate in Burnaby?+
Why did my small business deduction shrink?+
Should my Burnaby company have a holding company?+
Does my service business have to worry about PST?+
When is corporate tax due if my year-end is December 31?+
Do you have a Burnaby office?+
What does a corporate tax return cost in Burnaby?+
Related services and local guides
Other Burnaby services, nearby cities and the BC references for this page.
Fees are fixed and agreed in writing before the work starts; the published fee page shows the starting points.
Who this is for, and who it is not
For a Burnaby corporation, especially one holding investments, that wants the business limit and the T2 managed by one CPA on a fee agreed first. Not for anyone deciding on price alone, or wanting a meeting room near Metrotown. It all runs remotely on the published fees.
What happens when you get in touch
A Burnaby corporation comes on in three steps.
- Email enquiry. Tell us about the company, its investments and what is outstanding. A fixed fee follows in writing.
- Representative access. After CRA authorization, balances and notices are read directly. If you are moving firms, the file is requested that week.
- Current, then planned. Books closed, any late years filed, and T2 and instalment dates set out for the year.
Incorporated in Burnaby?
Get the T2, the business limit and the BC provincial layers reviewed by one CPA, at a fixed fee agreed up front.
