Corporate tax accountant for London, Ontario corporations
An Ontario corporation files one T2 that carries both layers of tax, then a separate annual return through the provincial registry that the CRA never sees. EverStone prepares both for London corporations, with the year-end statements, remotely and at a fee quoted after a free consultation.
Quick answer: A London, Ontario corporation files a T2 six months after year-end, pays its balance two or three months after year-end, and files the Ontario annual return through the Ontario Business Registry within the same six months. For the equipment-heavy companies common around London, capital cost allowance, recapture and SR&ED usually matter more than any rate. EverStone handles the whole file remotely. For a one-owner trades corporation, bookkeeping, payroll and the year-end T2 together usually run $450–$650 a month.
One T2 carries both layers of tax
Ontario has a collection agreement with Ottawa, so the provincial corporate tax is calculated on schedules inside the federal T2 and paid to the CRA. There is no second corporate income tax return to file with the province. Active business income up to the business limit is taxed at the combined small-business rate; income above it, and most investment income, is taxed at higher rates. The current Ontario rates, including the mid-2026 change, are on the Ontario tax facts page.
The return is due six months after year-end. The balance is due sooner: two months after year-end, or three for a Canadian-controlled private corporation claiming the small business deduction that meets the conditions. Interest runs from the payment date, whatever the filing date says.
Equipment decides the return more than the rate does
A London parts shop, a carrier with a yard of trailers, a grain farm and a framing contractor have one thing in common: most of their capital is in machines. Each purchase goes into a capital cost allowance class and is written off over years, with a reduced claim in the year it becomes available for use. When a unit is sold or traded in, the proceeds come off the class, and if they exceed what is left, the difference is recapture and fully taxable. Selling the last asset in a class for less produces a terminal loss. Timing a purchase, a trade or a disposal around year-end changes the tax, so the conversation belongs before the deal. CCA classes covers the mechanics.
SR&ED claims from the shop floor
Work that tries to resolve a technical uncertainty can qualify for scientific research and experimental development credits. In London that work often looks like process improvement: a new fixture that holds a tolerance, a change to a food line that extends shelf life, an automation cell that did not behave as planned. The claim is made on Form T661 with the T2, and a Canadian-controlled private corporation can earn an enhanced refundable credit. What makes or breaks a claim is the record made at the time — what was tried, why the outcome was uncertain, and who worked on it. See accounting for London manufacturers.
The registry return and good standing
The Ontario annual return is filed through the Ontario Business Registry within six months of fiscal year-end. It is a corporate-law filing, not a tax one, so it never shows up in CRA mail and is easy to forget. It surfaces when a lender, a buyer or a municipal bid asks for proof the company is in good standing. We diarise it against your year-end and file it alongside the T2.
Paying yourself out of the company
Salary builds CPP and RRSP room and is deducted by the corporation; dividends are simpler to pay but carry neither benefit. Many London family businesses pay a spouse or adult children who work in the company, which is fine when the pay matches the work. Money taken out without either — a shareholder loan — is generally taxed as your income if it is not repaid within one year after the company’s year-end. The decision is made once, for the corporate and personal returns together. Try the salary vs dividends calculator for a first look.
Prepared and reviewed by a Chartered Professional Accountant at EverStone CPA, an Abbotsford CPA firm working with small businesses and incorporated contractors across the Fraser Valley and Canada. Updated September 2026. About the firm · Book a free consult
Key T2 dates for a London corporation
| Obligation | When |
|---|---|
| Balance owing | 2 months after year-end; 3 for a qualifying CCPC claiming the small business deduction |
| T2 return | 6 months after fiscal year-end |
| Ontario annual return | Within 6 months of fiscal year-end, through the Ontario Business Registry |
| T4, T4A and T5 slips | By the last day of February |
| Sales tax where you operate | 13% HST, a single registration and a single return |
Source: All CRA deadlines. General information, not advice.
In London, EverStone also works with contractors and restaurants.
London corporate tax questions
What does a T2 cost for a London corporation?+
Is there a separate Ontario corporate tax return?+
Should I buy the new machine before year-end?+
Can my shop claim SR&ED?+
I am behind on T2 filings. Where do we start?+
Do you need to be in Ontario to file my T2?+
Do you work with businesses outside London itself?+
Related services and local guides
Nearby cities, the rest of what we do for London businesses, and the reference pages behind this one.
Who this is for, and who it is not
This fits an incorporated business in London, Ontario that wants one CPA on the file, a fee agreed in writing before any work starts, and a year-end that arrives on a schedule. It suits shops, farms, carriers, contractors and restaurants that own equipment and run payroll. It is not the right fit if the lowest possible price outweighs everything else, or if you want someone at your premises each week. The engagement runs by video call, secure upload link and e-signature, and the fee is the same wherever you are.
What happens when you get in touch
A London corporation is onboarded the same way as one down the street from us, and on the same fixed fee.
- A free thirty-minute conversation. What the company does, what has been filed and what is late. You leave with a fixed fee in writing and no obligation to accept it.
- Authorization in the first week. We are authorized with the CRA, so balances and notices are looked up rather than requested from you. If you are switching firms, the prior file is requested the same week.
- Current, then ahead. Books brought to a closing position, any overdue year filed oldest first, and the next twelve months of T2 and instalment dates set out before they arrive.
Incorporated in London, Ontario?
Get the T2, the year-end statements and the registry return handled by one CPA, at a fixed fee agreed up front.
Remote corporate tax from Abbotsford
EverStone is a sole practitioner CPA firm at 32615 South Fraser Way in Abbotsford, serving London, Ontario corporations entirely online. There is no London office and no local staff. The T2 is transmitted to the CRA electronically, the registry return is filed online, and statements and trial balances arrive through a secure upload link. Nothing about the filing depends on where the preparer sits.
Talk to a CPA about this
One Chartered Professional Accountant, start to finish. Fixed fees, quoted in writing before any work begins, and no obligation from a first conversation.
