Form T2 Worksheet 3 "Calculating Your Quarterly Instalment Payments" - Canada

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Download Form T2 Worksheet 3 "Calculating Your Quarterly Instalment Payments" - Canada

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Clear Data
Worksheet 3
Protected B
when completed
Calculating your quarterly instalment payments for 2020
• Use this worksheet to calculate your 2020 quarterly instalment payments for an eligible Canadian-controlled private corporation (CCPC).
If you are not eligible to make quarterly instalment payments, use Worksheet 2.
• To find out if you are eligible to make quarterly instalment payments, see the T7B-Corp, Corporation Instalment Guide.
• Use the estimates calculated from Worksheet 1 to complete this worksheet. If you had tax payable for 2019, complete option 2; if you had tax payable for
2018, complete option 3.
• Instalment payments are due on the last day of every complete quarter of your corporation's tax year. See the T7B-Corp for more information on due dates
and payments.
• This worksheet does not have to be filed with your T2 Corporation Income Tax Return.
Option 1 – 2020
1A
Total estimated 2020 federal tax
payable*
(amount H from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
Estimated 2020 net provincial and territorial tax payable before refundable
credits**
(amount I from Worksheet 1) . . . . . . . . . . . . . . . .
1C
Total estimated 2020 tax payable (amount J from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1E
Option 1 instalment base amount (amount 1C minus amount 1D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Four quarterly payments due under option 1 (amount 1E divided by 4)
1F
Option 2 – 2019
2A
Total 2019 federal tax
payable*
(total of lines 700, 720, 724, 727 from your T2 return for 2019) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2B
2019 net provincial and territorial tax payable before refundable
credits**
(line 760 from your T2 return for 2019) . . . . . . . . . . . . . . . .
2C
Total 2019 tax payable (amount 2A plus amount 2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2E
Option 2 instalment base amount (amount 2C minus amount 2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Four quarterly payments due under option 2 (amount 2E divided by 4)
2F
Option 3 – 2018
3A
Total 2018 federal tax payable (total of lines 700, 720, 724, 727 from your T2 return for 2018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B
2018 net provincial and territorial tax payable before refundable credits (line 760 from your T2 return for 2018) . . . . . . . . . . . . . . . . . .
3C
Total 2018 tax payable (amount 3A plus amount 3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3E
Option 3 instalment base amount (amount 3C minus amount 3D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First payment due under option 3 (amount 3E divided by 4)
3F
3G
Option 2 instalment base amount (amount 2E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3H
First payment due under option 3 (amount 3F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3I
Difference (amount 3G minus amount 3H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remaining 3 quarterly payments due under option 3 (amount 3I divided by 3)
3J
Summary
Under option 1, $
is due each quarter of the tax year.
Under option 2, $
is due each quarter of the tax year.
Under option 3, $
is due for the first quarter of the tax year, then $
is due each quarter for the remaining three
quarters of the tax year.
Note
You can use the option that results in the least amount payable by instalments. Any remaining unpaid tax is payable on or before the balance-due day.
We will charge interest if you use option 1 and the estimated tax is lower than the year's actual tax and the tax calculated using option 2 or 3.
* If the total of parts I, VI, VI.1 and XIII.1 tax is $3,000 or less for either 2020 (amount 1A) or 2019 (Amount 2A), you do not have to make instalment payments
on this amount for 2020.
** This amount is net of provincial and territorial non-refundable credits. If the provincial and territorial tax before refundable credits is $3,000 or
less for either 2020 (amount 1B) or 2019 (amount 2B), you do not have to make instalment payments on this amount for 2020.
T2WS3 E (19)
(Ce formulaire est disponible en français.)
Clear Data
Worksheet 3
Protected B
when completed
Calculating your quarterly instalment payments for 2020
• Use this worksheet to calculate your 2020 quarterly instalment payments for an eligible Canadian-controlled private corporation (CCPC).
If you are not eligible to make quarterly instalment payments, use Worksheet 2.
• To find out if you are eligible to make quarterly instalment payments, see the T7B-Corp, Corporation Instalment Guide.
• Use the estimates calculated from Worksheet 1 to complete this worksheet. If you had tax payable for 2019, complete option 2; if you had tax payable for
2018, complete option 3.
• Instalment payments are due on the last day of every complete quarter of your corporation's tax year. See the T7B-Corp for more information on due dates
and payments.
• This worksheet does not have to be filed with your T2 Corporation Income Tax Return.
Option 1 – 2020
1A
Total estimated 2020 federal tax
payable*
(amount H from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
Estimated 2020 net provincial and territorial tax payable before refundable
credits**
(amount I from Worksheet 1) . . . . . . . . . . . . . . . .
1C
Total estimated 2020 tax payable (amount J from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1E
Option 1 instalment base amount (amount 1C minus amount 1D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Four quarterly payments due under option 1 (amount 1E divided by 4)
1F
Option 2 – 2019
2A
Total 2019 federal tax
payable*
(total of lines 700, 720, 724, 727 from your T2 return for 2019) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2B
2019 net provincial and territorial tax payable before refundable
credits**
(line 760 from your T2 return for 2019) . . . . . . . . . . . . . . . .
2C
Total 2019 tax payable (amount 2A plus amount 2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2E
Option 2 instalment base amount (amount 2C minus amount 2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Four quarterly payments due under option 2 (amount 2E divided by 4)
2F
Option 3 – 2018
3A
Total 2018 federal tax payable (total of lines 700, 720, 724, 727 from your T2 return for 2018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B
2018 net provincial and territorial tax payable before refundable credits (line 760 from your T2 return for 2018) . . . . . . . . . . . . . . . . . .
3C
Total 2018 tax payable (amount 3A plus amount 3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3E
Option 3 instalment base amount (amount 3C minus amount 3D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First payment due under option 3 (amount 3E divided by 4)
3F
3G
Option 2 instalment base amount (amount 2E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3H
First payment due under option 3 (amount 3F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3I
Difference (amount 3G minus amount 3H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remaining 3 quarterly payments due under option 3 (amount 3I divided by 3)
3J
Summary
Under option 1, $
is due each quarter of the tax year.
Under option 2, $
is due each quarter of the tax year.
Under option 3, $
is due for the first quarter of the tax year, then $
is due each quarter for the remaining three
quarters of the tax year.
Note
You can use the option that results in the least amount payable by instalments. Any remaining unpaid tax is payable on or before the balance-due day.
We will charge interest if you use option 1 and the estimated tax is lower than the year's actual tax and the tax calculated using option 2 or 3.
* If the total of parts I, VI, VI.1 and XIII.1 tax is $3,000 or less for either 2020 (amount 1A) or 2019 (Amount 2A), you do not have to make instalment payments
on this amount for 2020.
** This amount is net of provincial and territorial non-refundable credits. If the provincial and territorial tax before refundable credits is $3,000 or
less for either 2020 (amount 1B) or 2019 (amount 2B), you do not have to make instalment payments on this amount for 2020.
T2WS3 E (19)
(Ce formulaire est disponible en français.)