this video is so clear, concise. thank you from the bottom of my heart, from a previously incredibly stressed small business owner. very incredibly grateful!!!!
Dear Chartered Accountant, You have explained each and every steps and the required information of T2 Corporation Tax Returns so nicelely, precisely and professionally, that we all should that you for your educational efforts. May God bless you!
Just wanted to a say a big thanks for this video! Without it, I don't know what I would have done but you made corporate taxes for our small organization very easy! Thanks again for taking the time to share your knowledge with strangers.
To be honest, I never seen better than this video! Much appreciated! It is very clear and a step by a step. You should be an instructor or a professor. You Rock!!
Can this be done online ? he mentions at the end , print and drop it off at a CRA tax center . Is there a way we can do it online . as in upload it online ?
Thankyou for your video , I am filing my T2 Corp Tax returns . I actually paid GST twice to CRA by mistake. So this amt will appear in Sch 100 GIFI 1066 as Assets from this year to all subsequent years , until CRA refunds it back ?
I hear different statements regarding how to report interest income received from banks for the deposits with them and also dividends received from mutual funds, if your corporation holds units with mutual funds. On Income Statement ( Financial Statement, Schedule 125 ( GIFI codes - 8096 ( Dividends from Canadian sources ), 8094 ( Interest from Canadian Sources ), 8090 ( investment revenue ), 8097 ( Dividend from foreign sources ). These correspond to the boxes on T3 and T5 slips issued to you by the banks or mutual fund companies. You can claim non-capital losses from prior years Box 42 on T3 slip ( Cost Base Adjustment ) need not have to be reported because that is return of capital. Box 21 on T3 slip ( Capital Gains ) is 50% of the amount on this box to include on T2 return. Am I correct?. But when the commercial softwares like Quick Tax, Future Tax are not putting the dividend income into Schedule 3 when calculating the tax, they are entering this amount onto Part I tax. These softwares are cCRA certified. We need to help each other esp. where incorporated individuals frequently unemployed or in losses to help each other.
Excellent, step-oriented video! For Ontario business returns due after October 18, 2021, can you let us know whether there is a fillable PDF form, equivalent to the T2SCH546, that is available from an Ontario government site or must the return be prepared and filed online through Service Ontario? Thanks, again!
Thanks for your video. However, we can use Profile to report corporate tax, I assume we don't need to download those forms if we have that software, but we still need to follow the same procedures?
Thank you for the great video! Quick question, I'm trying to download schedule 546 but I'm getting the following message on the CRA: Notice to the reader As of May 7, 2021, you will no longer be able to download this form from Canada.ca. As of May 15, 2021, you can no longer file this annual return with the Canada Revenue Agency. For updated information on filing an Ontario corporation annual return, go to Ontario Business Registry. Is there a diff. form now that we need to fill out in place of 546? Thanks in advance!
You've got field 9970 at 7:11 set as 4,050 and field 9999 is nan. However later at 12:34 you are using 4,050 as if it was 9999. Assuming this is a mistake.
Hi, the income in your example is $3912. Is there a tax strategy where the business owner can pay themselves a bonus of $3912 thereby making taxable income $0. how would that work? Thanks
Hi there, back again doing corporate tax and your video is always very helpful. Just a question I'm hoping to get more clarification. For our year end it's June 1 - May 31...however on the balance sheet in Wave it does not allow for a custom date. Is it proper to do Jan 1- Dec 31 for Balance Sheet and Trial Balance?
Thanks. One question I have is on computer equipment (and its CCA) entry on schedule 100. It is an asset. In equity, I only have retained earning which is same as net income. But including computer equipment as asset with no corresponding liability means my books would not balance unless I include this computer equipment asset in equity. Seems I am doing something wrong but not sure what.
Effective October 18, 2021, the Ontario Business Registry is online, and Schedule 546 is discontinued, obtain your company Key by applying online, it will be mailed to you, from there you can create a login for your corporation, and file the annual return (Schedule 546 equivalent) online each year.
Video was good for completing a hand written T2. Does anyone do this anymore with all the available T2 software available? Also you left out the part in which the owner pays himself? Reporting income and expenses is a given, but on you balance sheet it does not show any cash that the president/owner would have taken out and you did not show this also on the T2? So accordingly nobody takes a dividend?
What if you are a truck driver who has a corporate account and pays himself salary?? Which other forms do i have to fill in addition to it. please reply. thank you
@@joebashour No GST is not included. I'm able to file my first Corporate tax last year and I have only a week to do myself this year, I'm just starting today
@@northstartothemoon8024 Duly noted. Thanks for confirming. This entire corporate tax thing is delicate. However, I am growing to appreciate it as it gives us a better picture of how the business is doing really. Good luck with your filing!
Very good question. I spot the same issue and dig out that there is a minor calculation mistake during General tax reduction for Canadian-controlled private corporations portion calculation (Video: 15:19). The right calculation is: F=3912=H; I=J=0, Then Page 7 line 638 will be 0.
@@tishamurvihill3903 Hi ,did you file your taxes online , as in upload these documents on the CRa site or have to send them over to a CRA office ( as he pointed out ? )
Here's a current problem with no explanation I can find. You must report "Net income/loss after taxes and extraordinaryitems". This is line 9999 on the current form. This requires that you calculate "current income taxes" ( line 9990 ). There is no line 9990 and I thought the ENTIRE POINT OF THIS was to calculate the income tax. So what do the pinheads want here? They're asking me to figure out the tax I owe so that I can figure out the tax I owe? What does this number matter anyway, I'm paying taxes on my net income after deductions. They don't need some weird estimated post-tax income for anything. So what exactly is this? Their annex in no way explains this.
Why are there a bunch of mistakes in your calculations? What is the point of the video if you're misinforming people with basic miscalculations and adding amounts into the wrong fields? Your T2 is a mess.
this video is so clear, concise. thank you from the bottom of my heart, from a previously incredibly stressed small business owner. very incredibly grateful!!!!
Dear Chartered Accountant, You have explained each and every steps and the required information of T2 Corporation Tax Returns so nicelely, precisely and professionally, that we all should that you for your educational efforts. May God bless you!
Just wanted to a say a big thanks for this video! Without it, I don't know what I would have done but you made corporate taxes for our small organization very easy! Thanks again for taking the time to share your knowledge with strangers.
To be honest, I never seen better than this video! Much appreciated! It is very clear and a step by a step. You should be an instructor or a professor. You Rock!!
Very clear and professional, I was able to follow his guides, thank you so much and god bless you
Great video! Thank you so much!
Thanks so much for your easy-to-follow video! Just completed the 2019 T2 and Schedules with your assistance. You have saved all of us big bucks!
Which software did you use?
Can this be done online ? he mentions at the end , print and drop it off at a CRA tax center . Is there a way we can do it online . as in upload it online ?
@@babasunday309 im debating whether to do this or use futuretax
THANK YOU, I AM FROM BC. YOUR VIDEO IS VERY HELPFUL TO ME.
Thank you, for the very simple example of filing a T2 manually. Well done, Toni-Marie
Tons of valuable information, thank you so much. It helped me a lot.
I so appreciate that you provide this video.we are a small business, this video helped us a lot. many thanks!!
this is a very detailed one, save big bucks, really a great help! Thank you so much.
Thank you so much for this video! it was pretty easy!
This is the best I have seen so far 👍👍
Thank you for this great video. Is this still valid for the 2023 corporate tax return?
Thankyou for your video , I am filing my T2 Corp Tax returns . I actually paid GST twice to CRA by mistake. So this amt will appear in Sch 100 GIFI 1066 as Assets from this year to all subsequent years , until CRA refunds it back ?
Excellent Info... is it possible for you to make one update it with more detailed please? for example including Dividends .
Thank you for this video. You have no idea how much it has helped me!
So well explained, veri comprehensible. Thanks a lot
may God bless your soul and your family
Thank you so much!!!!!!!! You really made my day.
I hear different statements regarding how to report interest income received from banks for the deposits with them and also dividends received from mutual funds, if your corporation holds units with mutual funds. On Income Statement ( Financial Statement, Schedule 125 ( GIFI codes - 8096 ( Dividends from Canadian sources ), 8094 ( Interest from Canadian Sources ), 8090 ( investment revenue ), 8097 ( Dividend from foreign sources ). These correspond to the boxes on T3 and T5 slips issued to you by the banks or mutual fund companies. You can claim non-capital losses from prior years Box 42 on T3 slip ( Cost Base Adjustment ) need not have to be reported because that is return of capital. Box 21 on T3 slip ( Capital Gains ) is 50% of the amount on this box to include on T2 return. Am I correct?. But when the commercial softwares like Quick Tax, Future Tax are not putting the dividend income into Schedule 3 when calculating the tax, they are entering this amount onto Part I tax. These softwares are cCRA certified. We need to help each other esp. where incorporated individuals frequently unemployed or in losses to help each other.
Excellent, step-oriented video! For Ontario business returns due after October 18, 2021, can you let us know whether there is a fillable PDF form, equivalent to the T2SCH546, that is available from an Ontario government site or must the return be prepared and filed online through Service Ontario? Thanks, again!
Thank you! Love the organisation!
Awesome video and you are a pro. Hats off to you!!!
Thanks for this. I’m doing my sisters taxes. How would I create Financial Statements for her if she has no tracking system
Most valuable DIY video on youtube! Thanks!
Thank you for very good lecture. I love it. Could you please tell me which forms I have to fill out for BC? my mean is T2 sch546 and T2 524. Thanks
thanks a lot
Thanks for the informative video, it is really helpful . Where can I submit the home office expenses ? in which schedule ?
How come box J ($509) from time stamp 15:21 on page 5 didn't get entered on line 638 on page 7?
Thanks for your video. However, we can use Profile to report corporate tax, I assume we don't need to download those forms if we have that software, but we still need to follow the same procedures?
Thanks very much, excellent explains
Thank you! Thank you! Thank You!
Great video! Hope you can do more!
Thank you for the great video! Quick question, I'm trying to download schedule 546 but I'm getting the following message on the CRA:
Notice to the reader
As of May 7, 2021, you will no longer be able to download this form from Canada.ca. As of May 15, 2021, you can no longer file this annual return with the Canada Revenue Agency. For updated information on filing an Ontario corporation annual return, go to Ontario Business Registry.
Is there a diff. form now that we need to fill out in place of 546? Thanks in advance!
Did you leave the line 638 blank by mistake? I saw that you have that earlier but didn't put it in the end
if i have federal corporation based on Alberta what do i need to put in colomn province in T2 federal return? Please! Thank You!
You've got field 9970 at 7:11 set as 4,050 and field 9999 is nan. However later at 12:34 you are using 4,050 as if it was 9999. Assuming this is a mistake.
Well Explained. Thanks. Wondering why the box F is not filled with $3912 in page 5 ?
Hi, the income in your example is $3912. Is there a tax strategy where the business owner can pay themselves a bonus of $3912 thereby making taxable income $0. how would that work? Thanks
Are these schedules for all small business corporation? I mean there are no other schedules required for ontario small business corporation?
Hi there, back again doing corporate tax and your video is always very helpful. Just a question I'm hoping to get more clarification. For our year end it's June 1 - May 31...however on the balance sheet in Wave it does not allow for a custom date. Is it proper to do Jan 1- Dec 31 for Balance Sheet and Trial Balance?
apparently I did not custom set our year end date. In wave - Setting - Date & Currency - set Fiscal Year End ✅
Excellent explanation. Thank you!
Are those field code means chart of accounts?
Thanks. One question I have is on computer equipment (and its CCA) entry on schedule 100. It is an asset. In equity, I only have retained earning which is same as net income. But including computer equipment as asset with no corresponding liability means my books would not balance unless I include this computer equipment asset in equity. Seems I am doing something wrong but not sure what.
Great video! Thanks for the help.
great explanation
Hi Birdi, Thank you for the Video.
Great video. For some reason SCH546 is no longer allowed to be downloaded. Not sure why.
Effective October 18, 2021, the Ontario Business Registry is online, and Schedule 546 is discontinued, obtain your company Key by applying online, it will be mailed to you, from there you can create a login for your corporation, and file the annual return (Schedule 546 equivalent) online each year.
Video was good for completing a hand written T2. Does anyone do this anymore with all the available T2 software available? Also you left out the part in which the owner pays himself? Reporting income and expenses is a given, but on you balance sheet it does not show any cash that the president/owner would have taken out and you did not show this also on the T2? So accordingly nobody takes a dividend?
I presume this was done for brevity and simplicity purposes. You should look up all the relevant codes for each schedule accordingly.
What if you are a truck driver who has a corporate account and pays himself salary?? Which other forms do i have to fill in addition to it. please reply. thank you
Thank you so much for this. How do I report the leasing costs for a company owned vehicle? Used for business only?
Thank you for this video.Well done.
thank you so much for this big help
very good video. Thanks so much
Hi, do you know how to load the balance sheet from previous year to start using wave ?
I want to learn sch 7 with explanation. From where I can learn this
Excellent videos.
thank you so much man. so so much.
Where does the GIFI factor into all of this?
Thank you!!
That was really helpful
Quick question, do we include GST collected for the Balance Sheet and Statement of account for Corporation Schedule 100 and 125? Thank you
Did you answer this question? (I suppose you shouldn't, but I had the same question myself)
@@joebashour No GST is not included. I'm able to file my first Corporate tax last year and I have only a week to do myself this year, I'm just starting today
@@northstartothemoon8024 Duly noted. Thanks for confirming. This entire corporate tax thing is delicate. However, I am growing to appreciate it as it gives us a better picture of how the business is doing really. Good luck with your filing!
How to calculate line 9990 of Schedule 125
who did this video? why is there NO official video on the CRA website??
Dude thanks!!!
You know its much easier to just input this information into a software like Profile and then just printing it and sending it out to CRA. Just saying.
if you're paying $955 for Profile T2, at that point just pay an accountant to do your taxes and it will be even easier
@@MonkeyKong21 oh no theres other free software like Studiotax
@@zeekyboi123 Studiotax does not offer T2 software. If you want something simple to use at a great price, use My Tax Express.
What software do you recommend any for accounting for a very small sole corp
I like AccountEdge. Used Simply Accounting before, but left them over poor customer service.
Hi, thank you for your video, where can I download the free downloadable balance sheet and other forms for the start of the T2 return?
Is there no google on the planet where you live?
thanks
Which schedual must be complete if a business is incorporated on Alberta?
Alberta has its tax return called AT1.
How do you like them apples
HI! WHY DON'T YOU HAVE 638 FILLED ON PAGE 7? you calculated "509" on page 5. thanks
Very good question. I spot the same issue and dig out that there is a minor calculation mistake during General tax reduction for Canadian-controlled private corporations portion calculation (Video: 15:19). The right calculation is: F=3912=H; I=J=0, Then Page 7 line 638 will be 0.
Here it is two years later and I was confused up by the same thing. Thank you so much for clarifying.
@@tishamurvihill3903 Hi ,did you file your taxes online , as in upload these documents on the CRa site or have to send them over to a CRA office ( as he pointed out ? )
2:48
*Sigh of relief*
God bless
Here's a current problem with no explanation I can find.
You must report "Net income/loss after taxes and extraordinaryitems". This is line 9999 on the current form. This requires that you calculate "current income taxes" ( line 9990 ). There is no line 9990 and I thought the ENTIRE POINT OF THIS was to calculate the income tax. So what do the pinheads want here? They're asking me to figure out the tax I owe so that I can figure out the tax I owe?
What does this number matter anyway, I'm paying taxes on my net income after deductions. They don't need some weird estimated post-tax income for anything.
So what exactly is this? Their annex in no way explains this.
So glad I didn’t pursue accounting it’s soooooo boring
Why are there a bunch of mistakes in your calculations? What is the point of the video if you're misinforming people with basic miscalculations and adding amounts into the wrong fields? Your T2 is a mess.
My Schedule 1 (from CRA download) has 2 more pages than you show. (another set of 'add' and another set of 'deduct')