Do I Need Financial Statements for a Nil T2 Return?
$300.00 Plus HST Per Tax Year
We are a registered EFILE electronic filer. Your return is transmitted to the Canada Revenue Agency electronically.
Written and reviewed by Sharad Gondaliya, CPA (Ontario), CPA Ontario Membership 61040184.
No audited or reviewed statements are needed, but the return still carries GIFI schedules showing zero. A T2 includes the GIFI balance sheet and income statement, which for a nil year report nil amounts. A corporation with assets or liabilities still reports those balances.
Do I Need Financial Statements for a Nil T2 Return?
| Point | Figure |
|---|---|
| Audited financial statements required | None |
| GIFI schedules filed | Balance sheet and income statement |
| Income reported in a nil year | $0.00 |
| Fee per tax year | $300.00 plus HST |
GIFI is the standard code set the Canada Revenue Agency uses for the balance sheet and income statement inside the T2. A nil year still files those schedules with nil amounts, which is what makes the return a nil return rather than a missing one.
Filing a Nil Return
This service is for a corporation with no activity in the tax year. A corporation with investment income, rental income, or dividends paid or received is not nil.
We are a registered EFILE electronic filer. Your return is transmitted to the Canada Revenue Agency electronically, and your CRA confirmation is emailed within 3 business days. You sign Form T183CORP before we transmit. The fee is $300.00 plus HST per tax year. See the full nil T2 filing cost, every T2 filing deadline, and catch-up nil T2 filing for outstanding years.
For the whole subject in one place, see the complete guide to the nil T2 return.
Related Questions
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- Do I need to file with no activity
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- What happens if I do not file
Last reviewed: October 16, 2026