Form T2 Schedule 556 Ontario Film and Television Tax Credit (2017 and Later Tax Years) - Canada

Form T2 Schedule 556 Ontario Film and Television Tax Credit is used in Canada to claim tax credits for film and television productions filmed in Ontario.

The Form T2 Schedule 556 Ontario Film and Television Tax Credit in Canada can be filed by corporations that are eligible for this tax credit.

FAQ

Q: What is Form T2 Schedule 556?A: Form T2 Schedule 556 is a tax form used in Canada for claiming the Ontario Film and Television Tax Credit.

Q: What is the Ontario Film and Television Tax Credit?A: The Ontario Film and Television Tax Credit is a tax credit provided by the government of Ontario to support the film and television industry in the province.

Q: Who is eligible to claim the Ontario Film and Television Tax Credit?A: To be eligible for the Ontario Film and Television Tax Credit, you must be a corporation that meets the requirements set by the government of Ontario.

Q: What expenses can be claimed under the Ontario Film and Television Tax Credit?A: Expenses eligible for the Ontario Film and Television Tax Credit include labor costs, certain production costs, and eligible digital animation and visual effects expenses.

Q: How do I file Form T2 Schedule 556?A: Form T2 Schedule 556 should be filed along with your corporation's T2 tax return for the tax year in which you are claiming the Ontario Film and Television Tax Credit.

Q: Is there a deadline for filing Form T2 Schedule 556?A: The deadline for filing Form T2 Schedule 556 is the same as the deadline for filing your corporation's T2 tax return, which is generally within six months of the end of your tax year.

Q: What supporting documents are required for claiming the Ontario Film and Television Tax Credit?A: You must keep all relevant documents and records to support your claim for the Ontario Film and Television Tax Credit, including invoices, contracts, and payroll records.

Q: How much is the Ontario Film and Television Tax Credit?A: The amount of the Ontario Film and Television Tax Credit is calculated based on eligible expenses and is subject to certain limitations and conditions set by the government of Ontario.

Q: Can I carry forward or transfer the Ontario Film and Television Tax Credit?A: Yes, you can carry forward unused Ontario Film and Television Tax Credits for up to 20 years, and in some cases, you may be able to transfer the credit to another corporation.