The Complete Guide to T2 Schedules on a Nil Return
Which schedules a nil T2 needs and which it can omit, what makes the GIFI schedules required, and how each one is decided. Nil T2 filing is $300.00 plus HST per tax year.
Written and reviewed by Sharad Gondaliya, CPA (Ontario), CPA Ontario Membership 61040184.
Last reviewed: October 22, 2026 · All nil T2 filing guides
On this page
- What Decides Which Schedules Are Needed
- The GIFI Rule, Stated Exactly
- The Five Things That Make GIFI Required
- Schedule 100, the Balance Sheet
- Schedule 125, the Income Statement
- Schedule 141, the Notes Checklist
- Schedule 50, Shareholders at 10% or More
- Schedule 24, First Return Only
- Schedule 8 and Loss Continuity
- The T2 Short and Its Schedules
- Every Schedule Above Is in the Price
- What the Fee Covers
Gondaliya CPA Professional Corporation is a registered EFILE electronic filer. Returns are prepared and transmitted in Canada. Credentials are never shared and never used offshore.
What Decides Which Schedules Are Needed
Not the amount of income, which is $0.00 on every nil return. What the corporation holds, who owns it, and whether this is its first return.
| Schedule | Decided by |
|---|---|
| GIFI 100, 125 and 141 | What sits on the balance sheet |
| Schedule 50 | Who owns 10% or more |
| Schedule 24 | Whether this is the first return after incorporation |
| Schedule 8 and loss continuity | Whether there is anything to carry forward |
Three of the four have nothing to do with trading, which is why a corporation that did nothing all year still files schedules.
The GIFI Rule, Stated Exactly
A corporation inactive all year with nothing to report may omit GIFI Schedules 100, 125 and 141, but any share capital, cash, shareholder loan, incorporation cost or bank charge makes them required.
Read the second half carefully. The exemption needs nothing at all to report. A corporation holding $100.00 of share capital issued at incorporation has something to report, and the schedules are required.
The full treatment is in the guide to GIFI Schedules 100, 125 and 141.
The Five Things That Make GIFI Required
| Trigger | Why it counts |
|---|---|
| Share capital | Issued at incorporation and sits on the balance sheet |
| Cash | A balance in an account is an asset |
| A shareholder loan | A balance either owed to or by the corporation |
| An incorporation cost | Capitalised, so it remains on the balance sheet |
| A bank charge | An expense, so there is something on the income statement |
Four of the five are present in most corporations from the day they are registered, which is why the exemption is narrower in practice than it reads.
Schedule 100, the Balance Sheet
The balance sheet in GIFI codes: what the corporation owns, what it owes, and the share capital and retained earnings that make up the difference.
On a nil return it is usually short. Share capital on one line, perhaps a bank balance, perhaps a shareholder loan. Short is not the same as omitted.
Nil T2 Filing, $300.00 plus HST per tax year
One price for every year and every province. CPA reviewed and transmitted electronically.
Schedule 125, the Income Statement
Revenue and expenses in GIFI codes. On a genuinely nil year both sides are $0.00, and the schedule says so explicitly rather than being left out.
A single bank charge is an expense, and it belongs on Schedule 125. It does not stop the year being nil for this service, but it does mean the schedule is filed.
Schedule 141, the Notes Checklist
The notes checklist records who prepared the financial information and what level of involvement they had. It accompanies Schedules 100 and 125 and is filed with them.
See whether financial statements are needed for a nil T2 return.
Schedule 50, Shareholders at 10% or More
Schedule 50 is needed for any shareholder at 10% or more. It lists each of them, their percentage of common and preferred shares, and their identification number.
The test is ownership of the shares, not involvement in the company. A shareholder who has never attended a meeting still appears where the holding reaches the threshold. The detail is on the Schedule 50 and the 10% shareholder rule post.
Schedule 24, First Return Only
Schedule 24 is needed on the first return after incorporation. It reports the corporation’s shareholders, its related corporations and how it came into existence, and it is filed once.
Where a first year was never filed, Schedule 24 is still filed, late, on whichever return turns out to be the first one transmitted. The detail is in the guide to first-year T2 filing.
Schedule 8 and Loss Continuity
Schedule 8 and loss continuity must be recorded. A nil year adds nothing to either, but the continuity has to be carried forward intact so a later year can use it.
This is the schedule most often skipped on a nil return, and the one that costs the most to skip. A break in loss continuity is discovered in the year the corporation finally has income to apply it against.
The full treatment is in the guide to Schedule 8 and loss continuity.
The T2 Short and Its Schedules
The T2 Short is available only to a CCPC with nil net income or a loss, one permanent establishment, no taxable dividends paid or received, Canadian currency, no refundable credits, no Ontario transitional debit and no section 34.2 amount.
Qualifying for the shorter form does not remove a schedule that is otherwise required. Eligibility is covered in the guide to T2 Short eligibility.
Every Schedule Above Is in the Price
There is no per-schedule charge. The fee of $300.00 plus HST per tax year covers one nil T2 return for one corporation for one tax year, with whichever of these schedules that return requires.
A holding corporation with investment income, a rental corporation and a corporation that paid or received a dividend are not nil. Those are handled by Gondaliya CPA Professional Corporation at gondaliyacpa.ca at $350.00 plus HST per year.
What the Fee Covers
The fee is $300.00 plus HST per tax year, covering one nil T2 return for one corporation for one tax year:
| Included | Detail |
|---|---|
| The T2 return | Including the T2 Short where the corporation qualifies |
| GIFI Schedules 100, 125 and 141 | Where they are required |
| Schedule 24 | On a first return |
| Schedule 50 | For every shareholder at 10% or more |
| Schedule 8 and loss continuity | Recorded |
| Form T183CORP package | With single-use secure e-signing |
| CPA review | Before transmission |
| Electronic transmission | By a registered EFILE electronic filer |
| One corrected transmission | If the Agency rejects the first one |
| CRA confirmation | Emailed within 3 business days |
See the full nil T2 filing cost.
Frequently Asked Questions
Which Schedules Does a Nil T2 Need?
It depends on what the corporation holds rather than what it earned. GIFI Schedules 100, 125 and 141 where there is anything on the balance sheet, Schedule 50 for any shareholder at 10% or more, Schedule 24 on a first return, and Schedule 8 with loss continuity recorded.
Can a Nil Return Skip the GIFI Schedules?
Only where the corporation was inactive all year with nothing at all to report. Any share capital, cash, shareholder loan, incorporation cost or bank charge makes Schedules 100, 125 and 141 required.
Does Share Capital Alone Make GIFI Required?
Yes. Share capital issued at incorporation sits on the balance sheet, which is something to report, so the schedules are required.
Do I Need Schedule 24 Every Year?
No. Schedule 24 is filed once, on the first return after incorporation.
Why File Schedule 8 on a Year With Nothing in It?
To carry the continuity forward intact. A break is only discovered in the year the corporation finally has income to apply a loss against.
Is There an Extra Charge for Schedules?
No. The fee is $300.00 plus HST per tax year and covers whichever schedules the return requires.
Questions Answered in Full
- Do I Need Financial Statements for a Nil T2 Return?
- Do I Need to File a T2 if My Corporation Had No Activity?
- Do I Need to File a Nil T2 if My Corporation Has No Bank Account?
- Do I Need to File a Nil T2 if I Never Started Operating?
- Can I File a Nil T2 Myself Without an Accountant?
- Do I Need a Business Number to File a Nil T2?
The Other Nil T2 Filing Guides
- The Complete Guide to Shelf Corporation Compliance
- The Complete Guide to T2 Filing Deadlines
- The Complete Guide to Zero-Activity Corporate Tax Returns
- The Complete Guide to Corporate Tax Arrears and Interest
- The Complete Guide to Winding Up an Inactive Corporation
- The Complete Guide to Small Business Corporate Filing
- The Complete Guide to the Corporate Compliance Calendar
- The Complete Guide to Numbered Company Maintenance
- The Complete Guide to Mandatory T2 Electronic Filing
- The Complete Guide to Schedule 50 and Shareholder Reporting
- The Complete Guide to Non-Resident-Owned Corporation Nil Filing
- The Complete Guide to the Nil T2 Return
Nil T2 Filing, $300.00 plus HST per tax year
Type your corporation name, pick your unfiled years, pay, and sign Form T183CORP on a secure screen. Your CRA confirmation is emailed within 3 business days.