Form T2 Schedule 2 "Charitable Donations and Gifts (2017 and Later Tax Years)" - Canada

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Download Form T2 Schedule 2 "Charitable Donations and Gifts (2017 and Later Tax Years)" - Canada

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Clear Data
Schedule 2
Code 1702
Protected B
when completed
Charitable Donations and Gifts
(2017 and later tax years)
Tax year-end
Corporation's name
Business number
Year
Month
Day
For use by corporations to claim any of the following:
the eligible amount of charitable donations to qualified donees
the Ontario, Nova Scotia, and British Columbia food donation tax credits for farmers
the eligible amount of gifts of certified cultural property
the eligible amount of gifts of certified ecologically sensitive land or
the additional deduction for gifts of medicine made before March 22, 2017
All legislative references are to the federal Income Tax Act, unless stated otherwise.
The eligible amount of a gift is the amount by which the fair market value of the gifted property exceeds the amount of an advantage, if any, for the gift.
The donations and gifts can be carried forward for 5 years except for gifts of certified ecologically sensitive land made after February 10, 2014,
which can be carried forward for 10 years. Provincial food donation tax credits must be applied in the current tax year.
Use this schedule to show a transfer of unused amounts from previous years following an amalgamation or the wind-up of a subsidiary as
described under subsections 87(1) and 88(1).
Subsection 110.1(1.2) provides as follows:
Where a particular corporation has undergone an acquisition of control, for tax years that end on or after the acquisition of control, no corporation can
claim a deduction for a gift made by the particular corporation to a qualified donee before the acquisition of control.
If a particular corporation makes a gift to a qualified donee pursuant to an arrangement under which both the gift and the acquisition of control is
expected, no corporation can claim a deduction for the gift unless the person acquiring control of the particular corporation is the qualified donee.
An eligible medical gift made before March 22, 2017, to a qualifying organization for activities outside of Canada may be eligible for an additional
deduction. Calculate the additional deduction in Part 5.
File one completed copy of this schedule with your T2 Corporation Income Tax Return.
For more information, see the T2 Corporation – Income Tax Guide.
Part 1 – Charitable donations
A
Charitable donations at the end of the previous tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
239
Charitable donations expired after 5 tax years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
240
Charitable donations at the beginning of the current tax year (amount A minus line 239) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
250
Charitable donations transferred on an amalgamation or the wind-up of a subsidiary . . . . . . . . . . .
210
Total charitable donations made in the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(include this amount on line 112 of Schedule 1 Net Income (Loss) for Income Tax Purposes)
B
Subtotal (line 250 plus line 210)
C
Subtotal (line 240 plus amount B)
255
Adjustment for an acquisition of control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D
Total charitable donations available (amount C minus line 255) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
260
Amount applied in the current year against taxable income (cannot be more than amount L in Part 2) . . . . . . . . . . . . . . . . . . . . .
(enter this amount on line 311 of the T2 return)
280
Charitable donations closing balance (amount D minus line 260) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T2 SCH 2 E (18)
(Ce formulaire est disponible en français.)
Page 1 of 4
Clear Data
Schedule 2
Code 1702
Protected B
when completed
Charitable Donations and Gifts
(2017 and later tax years)
Tax year-end
Corporation's name
Business number
Year
Month
Day
For use by corporations to claim any of the following:
the eligible amount of charitable donations to qualified donees
the Ontario, Nova Scotia, and British Columbia food donation tax credits for farmers
the eligible amount of gifts of certified cultural property
the eligible amount of gifts of certified ecologically sensitive land or
the additional deduction for gifts of medicine made before March 22, 2017
All legislative references are to the federal Income Tax Act, unless stated otherwise.
The eligible amount of a gift is the amount by which the fair market value of the gifted property exceeds the amount of an advantage, if any, for the gift.
The donations and gifts can be carried forward for 5 years except for gifts of certified ecologically sensitive land made after February 10, 2014,
which can be carried forward for 10 years. Provincial food donation tax credits must be applied in the current tax year.
Use this schedule to show a transfer of unused amounts from previous years following an amalgamation or the wind-up of a subsidiary as
described under subsections 87(1) and 88(1).
Subsection 110.1(1.2) provides as follows:
Where a particular corporation has undergone an acquisition of control, for tax years that end on or after the acquisition of control, no corporation can
claim a deduction for a gift made by the particular corporation to a qualified donee before the acquisition of control.
If a particular corporation makes a gift to a qualified donee pursuant to an arrangement under which both the gift and the acquisition of control is
expected, no corporation can claim a deduction for the gift unless the person acquiring control of the particular corporation is the qualified donee.
An eligible medical gift made before March 22, 2017, to a qualifying organization for activities outside of Canada may be eligible for an additional
deduction. Calculate the additional deduction in Part 5.
File one completed copy of this schedule with your T2 Corporation Income Tax Return.
For more information, see the T2 Corporation – Income Tax Guide.
Part 1 – Charitable donations
A
Charitable donations at the end of the previous tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
239
Charitable donations expired after 5 tax years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
240
Charitable donations at the beginning of the current tax year (amount A minus line 239) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
250
Charitable donations transferred on an amalgamation or the wind-up of a subsidiary . . . . . . . . . . .
210
Total charitable donations made in the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(include this amount on line 112 of Schedule 1 Net Income (Loss) for Income Tax Purposes)
B
Subtotal (line 250 plus line 210)
C
Subtotal (line 240 plus amount B)
255
Adjustment for an acquisition of control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D
Total charitable donations available (amount C minus line 255) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
260
Amount applied in the current year against taxable income (cannot be more than amount L in Part 2) . . . . . . . . . . . . . . . . . . . . .
(enter this amount on line 311 of the T2 return)
280
Charitable donations closing balance (amount D minus line 260) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T2 SCH 2 E (18)
(Ce formulaire est disponible en français.)
Page 1 of 4
Clear Data
Protected B
when completed
Part 1 – Charitable donations (continued)
The amount of qualifying donations for the Ontario community food program donation tax credit for
262
farmers included in the amount on line 260 (for donations made after December 31, 2013) . . . . . . . .
Ontario community food program donation tax credit for farmers
1
(amount on line 262 multiplied by 25%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount 1 on line 420 of Schedule 5, Tax Calculation Supplementary – Corporations. The maximum you can claim in the
current year is whichever is less: the Ontario income tax otherwise payable or amount 1. For more information,
see section 103.1.2 of the Taxation Act, 2007 (Ontario).
The amount of qualifying donations for the Nova Scotia food bank tax credit for farmers
263
included in the amount on line 260 (for donations made after December 31, 2015) . . . . . . . . . . . . . .
2
Nova Scotia food bank tax credit for farmers (amount on line 263 multiplied by 25%) . . . . . . . . . . . . . . . .
Enter amount 2 on line 570 of Schedule 5, Tax Calculation Supplementary – Corporations. The maximum you can claim in the
current year is whichever is less: the Nova Scotia income tax otherwise payable or amount 2. For more information,
see section 50A of the Nova Scotia Income Tax Act.
The amount of qualifying gifts for the British Columbia farmers' food donation tax credit included in the
265
amount on line 260 (for donations made after February 16, 2016 and before January 1, 2020) . . . . . .
3
British Columbia farmers' food donation tax credit (amount on line 265 multiplied by 25%) . . . . . . . . . . . .
Enter amount 3 on line 683 of Schedule 5, Tax Calculation Supplementary – Corporations. The maximum you can claim
in the current year is whichever is less: the British Columbia income tax otherwise payable or amount 3. For more information,
see section 20.1 of the British Columbia Income Tax Act.
Part 2 – Maximum allowable deduction for charitable donations
E
Net income for tax
purposes*
multiplied by 75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
225
Taxable capital gains arising in respect of gifts of capital property included in Part
1**
. . . . . . . . . . . .
Taxable capital gain in respect of a disposition of a non-qualifying security
227
under subsection 40(1.01) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The amount of the recapture of capital cost
230
allowance in respect of charitable donations . . . . . . . . . . . . . . . . . . . . .
Proceeds of disposition, less
F
outlays and
expenses**
. . . . . . . . . . . . . . . .
G
Capital
cost**
. . . . . . . . . . . . . . . . . . . . . . . .
235
Amount F or G, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H
Amount on line 230 or 235, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I
Subtotal (add line 225, 227, and amount H)
J
Amount I multiplied by 25%
K
Subtotal (amount E plus amount J)
Maximum allowable deduction for charitable donations (enter amount D from Part 1, amount K, or net income for tax
L
purposes, whichever is less) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* For credit unions, subsection 137(2) states that this amount is before the deduction of payments pursuant to allocations in proportion to
borrowing and bonus interest.
** This amount must be prorated by the following calculation: eligible amount of the gift divided by the proceeds of disposition of the gift.
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Clear Data
Protected B
when completed
Part 3 – Gifts of certified cultural property
M
Gifts of certified cultural property at the end of the previous tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
439
Gifts of certified cultural property expired after 5 tax years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
440
Gifts of certified cultural property at the beginning of the current tax year (amount M minus line 439) . . . . . . . . . . . . . . . . . . . . .
450
Gifts of certified cultural property transferred on an amalgamation or the wind-up of a subsidiary . . . .
410
Total gifts of certified cultural property in the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(include this amount on line 112 of Schedule 1)
N
Subtotal (line 450 plus line 410)
O
Subtotal (line 440 plus amount N)
455
Adjustment for an acquisition of control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
460
Amount applied in the current year against taxable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(enter this amount on line 313 of the T2 return)
P
Subtotal (line 455 plus line 460)
480
Gifts of certified cultural property closing balance (amount O minus amount P) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part 4 – Gifts of certified ecologically sensitive land
Q
Gifts of certified ecologically sensitive land at the end of the previous tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gifts of certified ecologically sensitive land expired after 5 tax years, or after 10 tax years for gifts
539
made after February 10, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
540
Gifts of certified ecologically sensitive land at the beginning of the current tax year (amount Q minus line 539) . . . . . . . . . . . . . .
Gifts of certified ecologically sensitive land transferred on an amalgamation or the
550
wind-up of a subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
520
Total current-year gifts of certified ecologically sensitive land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(include this amount on line 112 of Schedule 1)
R
Subtotal (line 550 plus line 520)
S
Subtotal (line 540 plus amount R)
555
Adjustment for an acquisition of control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
560
Amount applied in the current year against taxable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(enter this amount on line 314 of the T2 return)
T
Subtotal (line 555 plus line 560)
580
Gifts of certified ecologically sensitive land closing balance (amount S minus amount T) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 3 of 4
Clear Data
Protected B
when completed
Part 5 – Additional deduction for gifts of medicine
U
Additional deduction for gifts of medicine at the end of the previous tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
639
Additional deduction for gifts of medicine expired after 5 tax years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
640
Additional deduction for gifts of medicine at the beginning of the current tax year (amount U minus line 639) . . . . . . . . . . . . . . .
Additional deduction for gifts of medicine made before March 22, 2017 transferred on an
650
amalgamation or the wind-up of a subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional deduction for gifts of medicine made before March 22, 2017:
602
Proceeds of disposition . . . . . . . . . . . . .
Cost of gifts of medicine made
601
before March 22, 2017 . . . . . . . . . . . . .
V
Subtotal (line 602 minus line 601)
W
Amount V multiplied by 50% . . . . . . . . . . . .
600
Eligible amount of gifts . . . . . . . . . . . . .
=
Additional deduction for
×
a
(
b
)
610
gifts of medicine made
c
before March 22, 2017
where:
a is the lesser of line 601 and amount W
b is the eligible amount of gifts (line 600)
X
c is the proceeds of disposition (line 602)
Subtotal (line 650 plus line 610)
Y
Subtotal (line 640 plus amount X)
655
Adjustment for an acquisition of control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660
Amount applied in the current year against taxable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(enter this amount on line 315 of the T2 return)
Z
Subtotal (line 655 plus line 660)
680
Additional deduction for gifts of medicine closing balance (amount Y minus amount Z) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part 6 – Amount available for carryforward by year of origin
You can complete this part to show all the donations and gifts from previous years available for carryforward by year of origin.
This will help you determine the amount that could expire in following years.
Year of origin
Charitable donations
Gifts of certified cultural
Gifts of certified
Gifts of certified
Additional deduction for
YYYY-MM-DD
available for
property available for
ecologically sensitive
ecologically sensitive
gifts of medicine
carryforward
carryforward
land available for
land available for
available for carryforward
carryforward, made
carryforward, made after
before February 11, 2014
February 10, 2014
Totals
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