T2 Schedules Flashcards
What is the GIFI?
where you input FS as starting point
S1?
go from NIFAP to NIFTP (add back/deductions)
*NI on TOP of S1 ties to FS
where is Net Income for Tax Purposes calculated?
Schedule 1
S2?
record donations
Where are donations recorded?
Schedule 2
What’s more advantageous - donate personally or via corporation?
Personally
S3?
Dividend Schedule
dividends paid/received
Which schedule do you record eligible/ineligible dividends paid or received on?
Schedule 3
S4?
Loss Schedule
Capital & Non-capital losses
Adjust for federal loss carry-backs
Where are capital losses stored?
Schedule 4
Where are non-capital losses stored?
Schedule 4
S5?
Income allocated amongst provinces
Where is income broken up between provinces?
Schedule 5
S6?
Capital Property Disposition
sale of: shares, bonds, land, etc.
C/G & C/L (1/2 taxable on S1)
where are c/g & c/l from disposition of property recorded?
Schedule 6
Where do the C/L from S6 flow to?
S4
S7?
Passive Income
dividends, investment income, foreign income/losses
What schedule is foreign income/losses on?
Schedule 7
What schedule is passive income on?
Schedule 7
S8
CCA
What schedule is CCA?
Schedule 8
S9?
Related/ Associated/ Subsidiary/ Parent companies recorded
What schedule is the taxable capital calc done on?
Schedule 33
S13?
Reserves
Where are reserves recorded?
S13
S21?
tax credit schedule
(usually from passive income tax credits)
Where are tax credits recorded?
Schedule 21
S23?
Allocate SBD
(pulls all associated corps from S9)
Where is the annual business limit allocated amongst associated corp?
S23
S33?
Taxable Capital Calc
S50?
Shareholder Info
Which schedule are shareholders listed?
S50
S53?
GRIP calc
Where is GRIP calculated?
S53
S89?
Capital dividend account
keeps track of capital div paid/received
What’s calculated on the Jacket?
NIFTP to Taxable Income to net tax owing/refund
Part 1/IV taxes payable
SBD allocation math
