Failure to file corporate tax returns (T2) in Canada can have significant financial, legal, and reputational consequences. The CRA imposes penalties, interest on unpaid taxes, and potential loss of tax credits and refunds. Legal actions can include asset seizure, garnishment, or personal liability for directors. Non-compliance may also damage business reputation, reduce creditworthiness, and in extreme cases, lead to suspension of business licenses. Timely and accurate filing is crucial to avoid these risks. To read more, click the link here