Corporate tax reporting includes not only an income statement but also a balance sheet. Corporate tax rates are much different than personal tax rates. Less than 10% for active business with less than 500,000 of taxable net income.

• Online Banking — You can add the Canada Revenue Agency as a payee the same way you would pay other online bills. Be sure to include your Business Number along with the payment.
• My Payment — Paying with Visa Debit, Debit MasterCard or Interac Online
• In Person — This can be done at a financial institution or a Canada Post outlet. If you choose this option, you require a remittance voucher from the Canada Revenue Agency. Our firm will supply one to you if you have a balance owing or you can order one online or by phone.
• Cheque — Please make the cheque payable to Receiver General and mail it to the address found on the back of your remittance voucher. If you do not have one, please write your Business Number on the memo line on the front of the cheque.

There are advantages of having multiple corporation if you do not need all the money your corporation generates.

Yes, picking a year end is strategic and can help manage the timing of tax payments.