How to Prepare a T2 Corporate Income Tax Return - Detailed

Dude thanks!!!

Are these schedules for all small business corporation? I mean there are no other schedules required for ontario small business corporation?

Are those field code means chart of accounts?

Tons of valuable information, thank you so much. It helped me a lot.

thanks a lot

I want to learn sch 7 with explanation. From where I can learn this

Thank you!!

THANK YOU, I AM FROM BC. YOUR VIDEO IS VERY HELPFUL TO ME.

if i have federal corporation based on Alberta what do i need to put in colomn province in T2 federal return? Please! Thank You!

Where does the GIFI factor into all of this?

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.

Not enough detail, sorry. There's many places and lines that you have filled and don't explain what they are or how you arrived at this number. I'm on schedule 125 for instance. There's random boxes in there with codes and no explanation of what they want or what that thing is supposed to be. You have some filled in your video, some not, with no explanation as to where you got these numbers.

edit: For instance line 3620, 3640. What is that?

It's such a tedious process lol. Thanks for the video. The people making these forms and schedules are really grade-A morons who cannot explain what they want in terms an actual human would understand.

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?

Quick question, do we include GST collected for the Balance Sheet and Statement of account for Corporation Schedule 100 and 125? Thank you

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?

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

Did you leave the line 638 blank by mistake? I saw that you have that earlier but didn't put it in the end

Thank you so much!!!!!!!! You really made my day.

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!

this is a very detailed one, save big bucks, really a great help! Thank you so much.

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!

Great video. For some reason SCH546 is no longer allowed to be downloaded. Not sure why.

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.

That was really helpful

Thank you! Love the organisation!

thanks

Excellent videos.

God bless

Thanks very much, excellent explains

who did this video? why is there NO official video on the CRA website??

Hi, do you know how to load the balance sheet from previous year to start using wave ?

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.

What software do you recommend any for accounting for a very small sole corp

Awesome video and you are a pro. Hats off to you!!!

may God bless your soul and your family

"FutureTax - Corporation" software lets you make the return for free if you want to see what schedules it adds and what the calculated values should be. I don't think it'll let you print or electronically submit it without a $60 license though. It doesn't hold your hand or explain how to do complicated things with your taxes, it will have you filling out the actual forms, but it understands how everything is linked and will auto-fill most of the T2 from your schedules

Thanks for the informative video, it is really helpful . Where can I submit the home office expenses ? in which schedule ?

thank you so much for this big help

This is the best I have seen so far 👍👍

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

very good video. Thanks so much

Thank you for this video. You have no idea how much it has helped me!

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.

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!

Well Explained. Thanks. Wondering why the box F is not filled with $3912 in page 5 ?

Thank you so much for this video! it was pretty easy!