Form T2 Schedule 500 Ontario Corporation Tax Calculation (2018 and Later Tax Years) - Canada

Form T2 Schedule 500 is used by Ontario corporations in Canada to calculate their corporation tax for the tax years 2018 onwards. It helps corporations determine their taxable income, tax deductions, and credits specific to the Ontario province.

The Ontario Corporation files the Form T2 Schedule 500 for Ontario Corporation Tax Calculation in Canada.

FAQ

Q: What is Form T2 Schedule 500?A: Form T2 Schedule 500 is a tax form used by Ontario corporations to calculate their corporation tax liability for tax years 2018 and later.

Q: Who needs to fill out Form T2 Schedule 500?A: Ontario corporations that are required to file a T2 Corporation Income Tax Return and have a permanent establishment in Ontario need to fill out Form T2 Schedule 500.

Q: What is the purpose of Form T2 Schedule 500?A: The purpose of Form T2 Schedule 500 is to determine the amount of corporation tax owed by an Ontario corporation for the given tax year.

Q: What information is required to fill out Form T2 Schedule 500?A: To fill out Form T2 Schedule 500, you will need information such as the corporation's income, deductions, and credits for the tax year.

Q: Is Form T2 Schedule 500 applicable for tax years before 2018?A: No, Form T2 Schedule 500 is only applicable for tax years 2018 and later.

Q: What should I do once I have completed Form T2 Schedule 500?A: Once you have completed Form T2 Schedule 500, you need to include it with your T2 Corporation Income Tax Return when filing your taxes.

Q: Are there any specific deadlines for filing Form T2 Schedule 500?A: The deadline for filing Form T2 Schedule 500 is generally the same as the deadline for filing your T2 Corporation Income Tax Return, which is within six months after the end of your tax year.