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#Turbotax business filing software#
#Turbotax business filing series#

Taxable income: This is the income section of the T2, which includes information from several of the initial attached schedules.Additional information: Here the CRA asks for other information, including what the corporation produces or provides and what percentage of the revenue each product or service represents.For most corporations there are several schedules that are added with the return all corporations will have a Schedule 100 and 125 for the Balance Sheet and Income Statement, and most a Schedule 50 for the Shareholder information. Several of the questions ask about claims for tax credits the corporation may be making for the year. If you answer yes, you will need to include an additional schedule for the tax return.

#Turbotax business filing series#

Attachments: This section asks a series of questions.Identification: The T2 form asks for a great deal of information about your corporation from its business number to the location of the corporation’s books and records.When considering filing on paper, the form is a bit more extensive than individual tax returns and there are several steps to completing it.

#Turbotax business filing software#

It is most convenient to file your corporation income tax return using tax preparation software dedicated for corporate returns, like TurboTax Business Incorporated. How Can I File A Corporation Income Tax Return?

Does not have Ontario transitional tax debit.

Not paying or receiving taxable dividends.

Permanent establishment in only one territory or province.

If you meet one of these two requirements, you must still meet these other conditions to use the short form:

A non-profit organization of another corporation that is exempt from tax under Section 149 of the Income Tax Act.

A Canadian-controlled private corporation (CCPC) the entire year that is also posts a net nil income or a loss for income tax.

This shorter and simpler version of the T2 corporate income tax return can be used by corporations in either of these two circumstances: Sometimes, non-resident corporations must file a return if they had a taxable capital gain, disposed of taxable Canadian property or carried on business in Canada. However, non-profit organizations, tax-exempt corporations, inactive corporations and all other resident corporations must file income tax returns, regardless of whether there are any taxes payable. Crown corporations, Hutterite colonies and registered charities do not have to. Who Has to File a T2 Corporation Income Tax Return?Īll resident corporations in Canada need to file a corporate tax return, with a few exceptions. All Canadian controlled private corporations must use the T2 to file their taxes annually, based on their fiscal year. The Canada Revenue Agency (CRA) has created the T2 Corporation Income Tax Return, for corporations to fill out in order to file their taxes.

What is a T2 Corporation Income Tax Return?Ĭorporations must pay income taxes on their earnings, just like individual tax-filers must.