T2 Corporation income tax questions?

Edwards Finance > Loans

Q. T2 Corporation income tax questions? he only problem with filing EFF for Ontario is that the tax year is never assessed and thus is never statute barred, if that makes any difference to you. All of the below information should be in the help sections of your T2 program -That is were this came from. Do you have to file an Ontario Corporations Tax Return? You may be exempt from filing a CT23 for the current taxation year, if your corporation meets all of the criteria listed below: a.. files a federal income tax return (T2) with Canada b.. Customs and Revenue Agency (formerly Revenue Canada); c.. has no Ontario taxable income; d.. has no Ontario Corporations Tax payable; e.. is a Canadian-controlled private corporation (CCPC) throughout the taxation year (i.e., generally, a private corporation with 50% or more shares owned by Canadian residents as defined in subsection 125(7) of the Income Tax Act, (Canada); f.. has provided its Canada Customs and Revenue Agency g.. Business Number to the Ontario Ministry of Finance's Corporations Tax Branch; and h.. is not subject to the Corporate Minimum Tax (i.e., alone or as part of an associated group whose total assets exceed $5 million or whose total revenues exceed $10 million). Corporations are required to file an EFF Corporations Tax Return declaration form on page 2 for every taxation year for which the status is claimed (effective for taxation years ending on or after January 1, 2000). Corporations who are claiming EFF status may still be required by the Ministry of Consumer and Business Services to file an Annual Return; please refer to Is An MCBS Annual Return Required?. Financial Institutions (banks, credit unions, mortgage investment corporations, registered securities dealers, bank mortgage subsidiaries, loan and trust corporations, and trustees to the public) and insurance corporations, do not qualify for the exemption from filing a CT23 for a taxation year. The following loss situations will require otherwise EFF corporations to file a CT23 tax return complete with all related schedules and financial statements: a.. If a corporation has a loss in the current taxation year that is to be carried back and applied to a previous taxation year(s), regardless of whether the loss is the same as for federal purposes or not, a CT23 tax return is required for the current taxation year. The corporation must also provide information indicating that the loss is to be carried back and specify the year and the amount of loss to be carried back to each taxation year. b.. If a corporation has a prior year loss, that is not the same for both federal and Ontario purposes and the corporation is applying a loss carryforward from the prior year to the current year, a CT23 tax return for the prior taxation year in which the loss was incurred is also required. Although a tax return for the loss year is not required where the loss is not being applied, the Corporations Tax Branch will accept the filing of a tax return for a loss year at the time the loss is incurred. c.. If a corporation has a prior year loss that is the same for both federal and Ontario purposes, but in the current taxation year the corporation is applying a different amount of loss for Ontario than the loss amount being applied for federal income tax purposes, the corporation is required to file a CT23 tax return for the current taxation year only. d.. A CT23 for an EFF period will be required, if requested by the Ministry of Finance. Ontario Corporations Tax Account No. (MOF) In order to file a CT23 or an EFF declaration you will require an Ontario Corporations Tax Account No. (MOF). This account number will be assigned to you shortly after you register with the Ministry of Consumer and Business Services (MCBS). If you have already registered with MCBS and are still unaware of your Ontario Corporations Tax Account No. (MOF), please contact the Ministry Information Centre (see General Information). Can You File a CT23 Short-Form Corporations Tax and Annual Return?

A. - A corporation may file a CT23 Short-Form Corporations Tax and Annual Return if it meets all of the following criteria: a.. The corporation is a Canadian-controlled private corporation (CCPC) throughout the taxation year. b.. The co

Ask Edwards a Finance Question

Other Questions:

Help with debt and credit card consolidation What is the name of the consolidation company ?

-I'm seeking help on managing my credit card debt. Currently, I owe about 12,000 on 8 credit cards and paying interest rates between 18-29%. I'm thinking about consolidating this amount to a lower interest rate. About a week ago, I receiv...

What is the best way to find a bussiness bankruptcy lawyer?In which exactly cases for?Before rushing to a lawyer to assist you in filing for bankruptcy, you have to make sure what is bankruptcy and what is not. Only then will you have to find a...

Where can i find Bankruptcy Law?There are two Board-certified consumer bankruptcy attorneys in Phoenix. Either should be knowledgable, though I don't know them personally. Madeleine C. Wanslee Gust Rosenfeld, P.L.C. (39, 3) 201 East...

Could the 'Bankruptcy Law' changes have more to do with the decline in the averages than is commonly discussed?I doubt it, Bruno, although perfectly willing to listen to your explanation of the mechanism by which you think such a result coul...

I live in Massachussets. My girlfriend thinks she need a lawyer to file for bankruptcy and says she has to pay her lawyer $1,000 to file for bankruptcy. This seems pretty ridiculous since she doesn't even have enough money to pay the lawyer....

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects