T2 Schedules

Question 1

What is the GIFI?

Answer 1

where you input FS as starting point

Question 2

S1?

Answer 2

go from NIFAP to NIFTP (add back/deductions)
*NI on TOP of S1 ties to FS

Question 3

where is Net Income for Tax Purposes calculated?

Answer 3

Schedule 1

Question 4

S2?

Answer 4

record donations

Question 5

Where are donations recorded?

Answer 5

Schedule 2

Question 6

What’s more advantageous - donate personally or via corporation?

Answer 6

Personally

Question 7

S3?

Answer 7

Dividend Schedule
dividends paid/received

Question 8

Which schedule do you record eligible/ineligible dividends paid or received on?

Answer 8

Schedule 3

Question 9

S4?

Answer 9

Loss Schedule
Capital & Non-capital losses
Adjust for federal loss carry-backs

Question 10

Where are capital losses stored?

Answer 10

Schedule 4

Question 11

Where are non-capital losses stored?

Answer 11

Schedule 4

Question 12

S5?

Answer 12

Income allocated amongst provinces

Question 13

Where is income broken up between provinces?

Answer 13

Schedule 5

Question 14

S6?

Answer 14

Capital Property Disposition
sale of: shares, bonds, land, etc.
C/G & C/L (1/2 taxable on S1)

Question 15

where are c/g & c/l from disposition of property recorded?

Answer 15

Schedule 6

Question 16

Where do the C/L from S6 flow to?

Answer 16

S4

Question 17

S7?

Answer 17

Passive Income
dividends, investment income, foreign income/losses

Question 18

What schedule is foreign income/losses on?

Answer 18

Schedule 7

Question 19

What schedule is passive income on?

Answer 19

Schedule 7

Question 20

S8

Answer 20

CCA

Question 21

What schedule is CCA?

Answer 21

Schedule 8

Question 22

S9?

Answer 22

Related/ Associated/ Subsidiary/ Parent companies recorded

Question 23

What schedule is the taxable capital calc done on?

Answer 23

Schedule 33

Question 24

S13?

Answer 24

Reserves

Question 25

Where are reserves recorded?

Answer 25

S13

Question 26

S21?

Answer 26

tax credit schedule
(usually from passive income tax credits)

Question 27

Where are tax credits recorded?

Answer 27

Schedule 21

Question 28

S23?

Answer 28

Allocate SBD
(pulls all associated corps from S9)

Question 29

Where is the annual business limit allocated amongst associated corp?

Answer 29

S23

Question 30

S33?

Answer 30

Taxable Capital Calc

Question 31

S50?

Answer 31

Shareholder Info

Question 32

Which schedule are shareholders listed?

Answer 32

S50

Question 33

S53?

Answer 33

GRIP calc

Question 34

Where is GRIP calculated?

Answer 34

S53

Question 35

S89?

Answer 35

Capital dividend account
keeps track of capital div paid/received

Question 36

What’s calculated on the Jacket?

Answer 36

NIFTP to Taxable Income to net tax owing/refund
Part 1/IV taxes payable
SBD allocation math