Form T2 Schedule 42 Calculation of Unused Part I Tax Credit (2011 and Later Tax Years) - Canada

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Form T2 Schedule 42 Calculation of Unused Part I Tax Credit (2011 and Later Tax Years) - Canada

Form T2 SCH 42 or the "Form T2 Sch 42 Schedule 42 "calculation Of Unused Part I Tax Credit (2011 And Later Tax Years)" - Canada" is a form issued by the Canadian Revenue Agency .

Download a PDF version of the Form T2 SCH 42 down below or find it on the Canadian Revenue Agency Forms website.

FAQ

Q: What is Form T2 Schedule 42?
A: Form T2 Schedule 42 is a tax form used in Canada to calculate the unused Part I tax credit for tax years 2011 and later.

Q: Who needs to use Form T2 Schedule 42?
A: Corporations in Canada need to use Form T2 Schedule 42 to calculate their unused Part I tax credit for tax years 2011 and later.

Q: What is the Part I tax credit?
A: The Part I tax credit is a credit that can be used to reduce a corporation's taxes payable in a future year.

Q: What is the purpose of calculating the unused Part I tax credit?
A: The purpose of calculating the unused Part I tax credit is to determine the amount of credit that can be carried forward and applied against future taxes owing.

Q: How do you calculate the unused Part I tax credit?
A: The unused Part I tax credit is calculated by multiplying the corporate income tax paid by the federal and provincial or territorial tax rates in the relevant tax years.

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