Corporate tax filing services for Canadian MSBs
ComplyFactor provides corporate tax filing services for Canadian money services businesses (MSBs), payment service providers, remittance and foreign exchange companies, virtual currency businesses and fintechs. The core of the service is preparation and electronic filing of the T2 Corporation Income Tax Return, the annual return every Canadian corporation files with the Canada Revenue Agency (CRA).
A typical engagement covers year-end tax preparation, the T2 and the CRA schedules that apply to your corporation, GIFI financial statement information, tax calculations and electronic filing, coordinated with your year-end financial statements where required. Scope is agreed in writing before work begins.
Corporate tax filing for MSBs, PSPs and fintech companies
Most corporate tax preparers rarely see a money services business. MSBs, PSPs and fintechs file the same T2 return as every other Canadian corporation; there is no separate tax regime for regulated financial businesses. What is different is the business model behind the numbers, and that is where generic corporate income tax services tend to struggle.
A remittance company can process thousands of multi-currency transactions a month while earning revenue only on fees and spreads. A foreign exchange dealer's margin sits inside its buy and sell rates rather than on an invoice. Payment processors hold client funds that are not revenue, agent networks generate commission flows, and virtual currency businesses hold assets whose treatment depends on how they are used. All of it must become accurate financial statement information before a T2 can be prepared properly.
Mandatory e-filing: for tax years beginning after 2023, most corporations must file the T2 electronically. The CRA can charge a $1,000 penalty when a corporation required to e-file instead files on paper.
ComplyFactor already knows your numbers
We work with regulated financial businesses every day on the FINTRAC side of their obligations. Our corporate tax filing support is built around the same business models:
T2 Corporation Income Tax Return preparation and filing
The T2 is the corporate income tax return filed with the CRA. All resident corporations must file one for every tax year, even when no tax is payable, with narrow exceptions such as registered charities — including inactive and loss-making corporations.
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Every resident corporation, every year
Certain non-resident corporations that carried on business in Canada also file. The T2 covers federal corporate tax and, for most provinces and territories, provincial corporate tax on the same return. Quebec (CO-17 with Revenu Québec) and Alberta (AT1 with Alberta TRA) are filed separately.
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Financial statements, in CRA's language
Financial statement information is filed with the T2 using the General Index of Financial Information (GIFI) — in practice, Schedules 100, 125 and 141. Accurate GIFI reporting depends on clean year-end records, which is exactly where MSB and PSP data usually needs the most attention.
$1,000 penalty for a corporation required to e-file that instead files on paper — mandatory electronic filing applies to tax years beginning after 2023, with only limited exceptions such as insurance corporations and some non-resident corporations.
Corporate tax filing for regulated financial businesses
Being an MSB does not create special tax rules — it creates record-keeping and classification questions that must be answered correctly before the T2 can be prepared.
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Remittance & money transfer
Fee and spread income calculated and recorded separately from the transaction volume passing through — not left implicit in cash movements.
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Foreign exchange dealers
The margin inside buy and sell rates needs to be calculated and recorded as revenue in its own right, distinct from settlement balances.
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Payment processors & agent networks
Client funds held in transit are not revenue; agent and network commissions need supporting statements and consistent year-to-year treatment.
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Virtual currency businesses
Acquisitions, disposals and holdings need complete records with values determinable at each transaction date.
What we prepare for your T2 filing
Corporate tax preparation with ComplyFactor covers the corporation income tax return itself and the work needed to file it correctly. We do not promise refunds or tax savings, and we do not assume every corporation qualifies for every deduction — positions taken reflect your corporation's actual circumstances and records.
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The T2 return
For your tax year, with the CRA schedules that apply to your corporation.
GIFI financial statements
Schedules 100, 125 and 141, coded and reconciled to your records.
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Tax calculations
Federal and provincial tax, including small business deduction treatment where you qualify.
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Structured review
Your year-end information reviewed, with questions raised and resolved before filing.
Electronic filing
Filed with the CRA, with confirmation for your records and your Notice of Assessment once issued.
What is included in our corporate tax filing service?
Our corporate tax return services follow a defined scope. These are the standard deliverables in every engagement.
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Optional add-ons, agreed separately
Our corporate tax filing process
Timelines are agreed at scoping and depend mainly on record readiness. Assessment of the return remains with the CRA.
Scope & corporate information
We confirm year-end, activities, provinces, structure and any open CRA matters, then issue a written scope and quote.
Records collection
You receive a tailored checklist and upload records through secure exchange; gaps are flagged early, not at the deadline.
Preparation
The T2, applicable schedules and GIFI information are prepared and reconciled to your records.
Review & clarification
You see the draft return and the resulting balance or refund, with open questions resolved before anything is filed.
Electronic filing
Once you approve, the return is filed electronically with the CRA.
Confirmation & next year
You receive the filing package and confirmation, and, where in scope, carry-forward notes and next-year deadlines.
Corporate tax considerations for Canadian MSBs
Being an MSB does not create special tax rules. It creates record-keeping and classification questions that must be answered correctly before the T2 can be prepared — these are the areas we most often work through with MSB, PSP and virtual-currency clients.
FX gains & spreads
The margin inside buy and sell rates needs to be calculated and recorded, not left implicit in cash movements.
Revenue classification
Fee, spread and commission income should be separately identifiable; principal-versus-agent analysis affects gross or net reporting.
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Client funds vs. revenue
Funds in transit or held for clients are not income; settlement balances need to reconcile.
Agent & network commissions
Commissions paid and received need supporting statements and consistent treatment year to year.
Virtual currency records
Acquisitions, disposals and holdings need complete records with values determinable at transaction dates.
Transaction reconciliation
Transaction systems, bank accounts and the ledger should tie together; the same activity appears in your FINTRAC reporting footprint.
Structure & related parties
Intercompany charges, shareholder loans and foreign affiliates carry their own reporting requirements; records generally must be kept for six years.
How a specific item is treated depends on your corporation's contracts, structure and circumstances. Where a position needs fact-specific analysis, we say so and document the basis.
What we need to prepare your corporate tax return
Business tax preparation moves quickly when the records arrive complete. This is the typical request list; we confirm the exact list for your corporation at scoping, since not every item applies to every business.
Corporate tax filing deadlines in Canada
Corporate tax filing in Canada runs on two separate deadlines, and they are commonly confused.
The filing deadline
The balance-due day
Corporate tax filing services across Ontario
ComplyFactor provides corporate tax services across Ontario, with a concentration of MSB, PSP and fintech clients in the Greater Toronto Area. Engagements run remotely through secure document exchange, so the service is the same anywhere in Ontario or Canada.
Corporate tax filing in Toronto
Toronto has the largest concentration of money services businesses, payment companies and fintechs in Canada. We prepare and file T2 returns for Toronto corporations remotely — document collection, review calls and e-filing handled online.
Corporate tax services in Mississauga
Our Canadian office is in Mississauga, at 320 Matheson Boulevard West, in one of the GTA's densest clusters of remittance, FX and payment businesses — remote workflow, with the option to meet locally.
Serving MSBs across the GTA
Beyond Toronto and Mississauga, we support regulated financial businesses in Brampton, Vaughan, Markham, Oakville and the wider GTA — the engagement is identical wherever in the region you're based.
T2 filing and financial statement compilations
T2 filing and financial statement compilation are related but separate services. The T2 reports your results to the CRA in GIFI format. A compilation engagement is a formal engagement under CSRS 4200 in which a practitioner compiles management's financial information and issues a Compilation Engagement Report — it is not an audit and not a review, and provides no assurance. Older statements may still carry the former "Notice to Reader" title, but CSRS 4200 replaced that terminology.
Whether you need a compilation depends on who will use the statements: lenders, investors and some shareholder agreements often require one, while the CRA requires GIFI information with the T2 either way. Where a compiled statement is required alongside your T2, we coordinate the two so the figures filed with the CRA match the statements your stakeholders receive.
Corporate tax filing and FINTRAC compliance are separate obligations
Filing your T2 with the CRA does not satisfy any FINTRAC requirement, and FINTRAC registration or reporting does not replace your CRA tax obligations. The regimes run in parallel: the CRA administers corporate income tax, while FINTRAC administers MSB registration, reporting and compliance program obligations under the PCMLTFA. An MSB can be fully registered with FINTRAC and behind on its tax filings, or current with the CRA and offside on its AML obligations.
This page covers the tax side: what the CRA expects from your corporation each year.
Why Canadian MSBs choose ComplyFactor for corporate tax support
Regulated financial businesses should not have to explain themselves twice — work with a team that already understands the model behind your numbers.
Built for regulated financial businesses
MSBs, PSPs, remittance and FX companies, virtual-currency businesses and fintechs are the clients we work with every day.
One firm across tax and compliance
Your T2 and your FINTRAC obligations draw on the same underlying records; keeping both with one firm keeps them consistent.
Financial reporting coordination
GIFI information, year-end figures and any separately required compiled statements handled as one exercise, so the numbers agree everywhere.
Speaks your language
Spreads, settlement, agents, safeguarding: you will not spend the engagement explaining what your business does.
Clear scope, written deliverables
Fixed scope and pricing agreed in writing before work begins, and a filing package you can hand to a bank, investor or examiner.
Frequently asked questions
Common questions about T2 corporate tax filing for Canadian MSBs, PSPs and fintechs.
The T2 is the annual income tax return Canadian corporations file with the CRA. It reports income, taxable income and tax payable, and includes the corporation's financial statement information in GIFI format.
Yes, if the MSB is incorporated. Every resident corporation must file a T2 each tax year, even with no tax payable, and MSB status does not change that. Unincorporated MSBs report business income on personal returns instead.
Six months after the corporation's tax year-end; a December 31 year-end files by June 30. If the due date falls on a weekend or CRA-recognized holiday, the next business day counts as on time.
They are separate obligations. The return is due six months after year-end, but the balance of tax owing is generally due two months after year-end, or three months for eligible CCPCs. Meeting one deadline does not satisfy the other.
Yes. We provide corporate tax filing services to Toronto MSBs, PSPs, remittance businesses and fintechs, with T2 preparation, GIFI and e-filing handled remotely and our team based nearby in Mississauga.
Yes. Our Canadian office is in Mississauga, and we work with Mississauga corporations both remotely and locally, alongside clients across the rest of Canada.
The core set is the prior-year T2 and Notice of Assessment, trial balance and general ledger, year-end figures, bank statements and revenue and expense detail, plus payroll, shareholder, loan, GST/HST and foreign-reporting information where they apply.
The T2 must include financial statement information in GIFI format, so complete year-end figures are required. A formal CSRS 4200 compilation is not a CRA precondition for most corporations, but lenders, investors or shareholder agreements may require one.
No. A compilation provides no assurance: the practitioner compiles management's information and issues a Compilation Engagement Report under CSRS 4200. An audit provides reasonable assurance through independent testing and results in an auditor's opinion.
No. CRA and FINTRAC obligations are separate. The T2 deals with corporate income tax; FINTRAC registration, reporting and compliance program requirements under the PCMLTFA continue to apply regardless of your tax filings.
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