Form T2 Schedule 322 "Prince Edward Island Corporation Tax Calculation (2019 and Later Tax Years)" - Canada

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Download Form T2 Schedule 322 "Prince Edward Island Corporation Tax Calculation (2019 and Later Tax Years)" - Canada

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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.)
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.)