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- Form T2 Schedule 322 "Prince Edward Island Corporation Tax Calculation (2019 and Later Tax Years)" - Canada
Form T2 Schedule 322 "Prince Edward Island Corporation Tax Calculation (2019 and Later Tax Years)" - Canada
Download Form T2 Schedule 322 "Prince Edward Island Corporation Tax Calculation (2019 and Later Tax Years)" - Canada
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1Clear Data
Schedule 322
Protected B
when completed
Prince Edward Island Corporation Tax Calculation
(2019 and later tax years)
Corporation's name
Business number
Tax year-end
Year
Month Day
•
Use this schedule if your corporation had a permanent establishment (as defined in section 400 of the federal Income Tax Regulations)
in Prince Edward Island, and had taxable income earned in the year in Prince Edward Island.
•
This schedule is a worksheet only and does not have to be filed with your T2 Corporation Income Tax Return.
Part 1 – Income subject to Prince Edward Island lower and higher tax rates
Taxable income for Prince Edward Island
Note 1
1A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income eligible for the Prince Edward Island lower tax rate:
Line 400 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
Line 405 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1C
Note 2
Line 427 or 428 of the T2 return
1D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amount 1B, 1C, or 1D, whichever is the least . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1E
×
=
Note 1
Amount 1E
Taxable income for Prince Edward Island
1F
. . . . . . . . . . . . .
Note 3
Taxable income for all provinces
Income subject to Prince Edward Island higher tax rate (amount 1A minus amount 1F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1G
Note 1 If your corporation had a permanent establishment only in Prince Edward Island, enter the taxable income from line 360 of the T2 return. Otherwise,
enter the taxable income allocated to Prince Edward Island from column F in Part 1 of Schedule 5, Tax Calculation Supplementary – Corporations.
Note 2 If your tax year starts before 2019, use line 427. If your tax year starts after 2018, use line 428.
Note 3 Includes the territories and the offshore jurisdictions for Nova Scotia and Newfoundland and Labrador.
Part 2 – Prince Edward Island tax before credits
Prince Edward Island tax at the lower rate:
Number of days in the tax year
×
×
=
Amount 1F
before January 1, 2019
4%
2A
Number of days in the tax year
Number of days in the tax
year after December 31, 2018
×
×
=
Amount 1F
3.5%
2B
and before January 1, 2020
Number of days in the tax year
Number of days in the tax
×
×
=
Amount 1F
year after December 31, 2019
3%
2C
Number of days in the tax year
►
Prince Edward Island tax at the lower rate (amount 2A plus amount 2B plus amount 2C)
2D
Prince Edward Island tax at the higher rate:
×
=
Amount 1G
16%
2E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 4
2F
Prince Edward Island tax before credits (amount 2D plus amount 2E)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 4 If your corporation had a permanent establishment in more than one jurisdiction, or is claiming a Prince Edward Island tax credit,
enter amount 2F on line 210 of Schedule 5. Otherwise, enter it on line 760 of the T2 return.
T2 SCH 322 E (19)
(Ce formulaire est disponible en français.)
Clear Data
Schedule 322
Protected B
when completed
Prince Edward Island Corporation Tax Calculation
(2019 and later tax years)
Corporation's name
Business number
Tax year-end
Year
Month Day
•
Use this schedule if your corporation had a permanent establishment (as defined in section 400 of the federal Income Tax Regulations)
in Prince Edward Island, and had taxable income earned in the year in Prince Edward Island.
•
This schedule is a worksheet only and does not have to be filed with your T2 Corporation Income Tax Return.
Part 1 – Income subject to Prince Edward Island lower and higher tax rates
Taxable income for Prince Edward Island
Note 1
1A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income eligible for the Prince Edward Island lower tax rate:
Line 400 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
Line 405 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1C
Note 2
Line 427 or 428 of the T2 return
1D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amount 1B, 1C, or 1D, whichever is the least . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1E
×
=
Note 1
Amount 1E
Taxable income for Prince Edward Island
1F
. . . . . . . . . . . . .
Note 3
Taxable income for all provinces
Income subject to Prince Edward Island higher tax rate (amount 1A minus amount 1F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1G
Note 1 If your corporation had a permanent establishment only in Prince Edward Island, enter the taxable income from line 360 of the T2 return. Otherwise,
enter the taxable income allocated to Prince Edward Island from column F in Part 1 of Schedule 5, Tax Calculation Supplementary – Corporations.
Note 2 If your tax year starts before 2019, use line 427. If your tax year starts after 2018, use line 428.
Note 3 Includes the territories and the offshore jurisdictions for Nova Scotia and Newfoundland and Labrador.
Part 2 – Prince Edward Island tax before credits
Prince Edward Island tax at the lower rate:
Number of days in the tax year
×
×
=
Amount 1F
before January 1, 2019
4%
2A
Number of days in the tax year
Number of days in the tax
year after December 31, 2018
×
×
=
Amount 1F
3.5%
2B
and before January 1, 2020
Number of days in the tax year
Number of days in the tax
×
×
=
Amount 1F
year after December 31, 2019
3%
2C
Number of days in the tax year
►
Prince Edward Island tax at the lower rate (amount 2A plus amount 2B plus amount 2C)
2D
Prince Edward Island tax at the higher rate:
×
=
Amount 1G
16%
2E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 4
2F
Prince Edward Island tax before credits (amount 2D plus amount 2E)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 4 If your corporation had a permanent establishment in more than one jurisdiction, or is claiming a Prince Edward Island tax credit,
enter amount 2F on line 210 of Schedule 5. Otherwise, enter it on line 760 of the T2 return.
T2 SCH 322 E (19)
(Ce formulaire est disponible en français.)
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