ACCOUNTANT EXPLAINS: How To Prepare A T2 Corporate Income Tax Return

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@AliceCeeCPA 4 ай бұрын

TIMESTAMPS 00:50 - The 3 Key Components Of A T2 Corporate Tax Return 01:28 - Filing Softwares Overview 03:05 - The Filing Software Recommended For Beginners 03:15 - T2 Corporate Tax Return Overview 04:03 - Small Business Deduction 04:17 - General Tax Reduction for CCPCs 04:28 - General Tax Reduction for non-CCPC’s 04:42 - Integration and Double Taxation 04:54 - Corporations and Investment Income 05:08 - How The RDTOH Account Works 05:26 - Part I Tax 06:13 - Example Filling Out Information Section 07:44 - Type of Corporation 11:53 - Residency Rules 12:57 - Balance Sheet Input 16:51 - Income Statement Input 19:04 - Schedule 1 20:32 - Schedule 3 21:17 - Schedule 4 22:13 - Schedule 6 23:13 - Schedule 7 24:33 - Schedule 8 25:56 - Disclosure Schedules (Schedule 9, 11) 26:53 - Schedule 23 27:58 - Schedule 50 29:39 - Compliance Rules in Canada

@crystalnorthhealing 3 ай бұрын

You should run an ad for this information. I've been putting off having my accountant do my taxes for years, and I'm usually around two to three years behind. Why? Because I always feel like I can't afford to pay him. That's a pain point and what holds me back from being on top of things properly. And then it all stresses me out because it's constantly hanging over my head. Another huge pain point. And when I just thought like two days ago that maybe, just maybe, I could go on youtube and find someone like you, my partner said to me, You can't do your own and file your own corporate taxes. You have to have an accountant to it for you because you're an incorporation. Then I felt defeated. But then I was like, Wait a minute. Let me look into this further. And here we are. See all the things you could work with in putting out there for people like me? You should totally do it. I would if I was you. And thank you for all of that info. I'm not even done listening to it yet. hahaha

@snowbunny1001 2 ай бұрын

Thank you so much for this video!! 😃👍

@user-lv4po1ok8u 3 ай бұрын

Thanks for sharing your knowledge. It is a good overview and very helpful to those filing corporate taxes for SMB themselves

@Nicholas-m8f Ай бұрын

Hi Alice, Thanks you so much for this excellent presentation. I have a simple business with no inventories or payroll so have done my own tax for years, without software. The trickiest part is matching the retained earnings and the balance sheet. What has tripped me up in the past is the pre payment of taxes, and the expenses such as gas and home office which I did not always pay before the end of tax year. Here is what I have done: The tax prepayments made in the current fiscal year show as assets on the balance sheet, while the actual tax owing for the fiscal year shows as a liability. For home, car expenses, I show any expenses paid during the year, as a deduction on the income statement. These could be from the previous year and not paid prior to the previous year end. I then show the unpaid expenses for the current year as a liability on the balance sheet. It would be simpler to pay each current year just prior to year end , then it would just show as an expense on the income statement and not on the balance sheet. Does this make sense to you? Thanks

@user-lv4po1ok8u 3 ай бұрын

Thanks for sharing your knowledge. It is a good overview of T2 and very useful to those who are filing corporate taxes themselves.

@BlueWardenConsulting 2 ай бұрын

Excellent information and really well done video. Thank you.

@AY-on4dv 2 ай бұрын

Hi I'm from Alberta. Your KZbin channel is educational and inspirational to those people with businesses.Can i as you a question ? First time to file my Corporation tax. What forms or schedules I have to fill up? Do I have to fill up T1,T2 & T5 or even the AT1 ALBERTA? Thanks ❤

@kombatlink9993 Ай бұрын

Hi Alice, quick question, if my business corporation did not generate any revenue but I have expenses related to operating the business and capital expenditure can I use the T2 Short form. thanks for your answer in advance

@angelakumar8391 4 ай бұрын

Hi would you be able to do a video on a T2 return with No income, only expenses? What would we put on Assets and Liability for this?

@AliceCeeCPA 4 ай бұрын

Hey Angela, have you done all the bookkeeping? You would just input the balance sheet into assets/liabilities after the bookkeeping is completed.

@cooldude5058 4 ай бұрын

Thanks for the video, it's very helpful. One question, where is the foreign non-business income and taxes paid reported? For example from buying an ETF or stocks.