Form T2 Schedule 500 "Ontario Corporation Tax Calculation (2019 and Later Tax Years)" - Canada

ADVERTISEMENT
ADVERTISEMENT

Download Form T2 Schedule 500 "Ontario Corporation Tax Calculation (2019 and Later Tax Years)" - Canada

196 times
Rate (4.4 / 5) 14 votes
Clear Data
Schedule 500
Protected B
when completed
Ontario 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 Ontario at any time in the tax year and had Ontario taxable income in the year.
Legislative references are to the federal Income Tax Act and Income Tax Regulations.
This schedule is a worksheet only and is not required to be filed with your T2 Corporation Income Tax Return.
Part 1 – Ontario basic income tax
Ontario taxable income
Note 1
1A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
%
Ontario basic rate of tax for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
11.5
Note 2
Ontario basic income tax (amount 1A multiplied by amount 1B)
1C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 1 If your corporation had a permanent establishment only in Ontario, enter the amount from line 360 or amount Z, whichever applies,
from page 3 of the T2 return. Otherwise, enter the taxable income allocated to Ontario from column F in Part 1 of Schedule 5.
Note 2 If your corporation had a permanent establishment in more than one jurisdiction, or is claiming an Ontario tax credit in addition to Ontario
basic income tax, or Ontario corporate minimum tax or Ontario special additional tax on life insurance corporations payable,
enter amount 1C on line 270 of Schedule 5, Tax Calculation Supplementary – Corporations. Otherwise, enter it on line 760 of the T2 return.
Part 2 – Ontario small business deduction (OSBD)
Complete this part if your corporation claimed the federal small business deduction under subsection 125(1).
Line 400 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2A
Line 405 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2B
If your tax year starts before 2019, line 427 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2C
If your tax year starts after 2018
Line 410 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2D
Line 415 of the T2 return . . . . . . . . . . . . . . . . . . . . .
2E
×
=
Amount 2E
2F
Amount 2D
11,250
Line 515 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2G
Subtotal (amount 2D minus amount 2F minus amount 2G)
2H
Amount 2A, 2B, and 2C or 2H, whichever is the least . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2I
=
Note 3
Ontario domestic factor (ODF):
Taxable income for Ontario
2J
. . . . . . . . . . . . . . . . . . . . . . . .
Taxable income for all provinces
Note 4
Amount 2I multiplied by amount 2J . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2K
Ontario taxable income (amount 1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2L
Ontario small business income (amount 2K or 2L, whichever is the least) . . . . . . . . . . . . . . . . . . . . . . . . . . .
2M
Ontario small business deduction for the year
×
Amount 2M
8%
=
2N
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount 2N on line 402 of Schedule 5.
Note 3 Enter amount 1A.
Note 4 Includes the territories and the offshore jurisdictions for Nova Scotia and Newfoundland and Labrador.
T2 SCH 500 E (19)
(Ce formulaire est disponible en français.)
Page 1 of 2
Clear Data
Schedule 500
Protected B
when completed
Ontario 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 Ontario at any time in the tax year and had Ontario taxable income in the year.
Legislative references are to the federal Income Tax Act and Income Tax Regulations.
This schedule is a worksheet only and is not required to be filed with your T2 Corporation Income Tax Return.
Part 1 – Ontario basic income tax
Ontario taxable income
Note 1
1A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
%
Ontario basic rate of tax for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
11.5
Note 2
Ontario basic income tax (amount 1A multiplied by amount 1B)
1C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 1 If your corporation had a permanent establishment only in Ontario, enter the amount from line 360 or amount Z, whichever applies,
from page 3 of the T2 return. Otherwise, enter the taxable income allocated to Ontario from column F in Part 1 of Schedule 5.
Note 2 If your corporation had a permanent establishment in more than one jurisdiction, or is claiming an Ontario tax credit in addition to Ontario
basic income tax, or Ontario corporate minimum tax or Ontario special additional tax on life insurance corporations payable,
enter amount 1C on line 270 of Schedule 5, Tax Calculation Supplementary – Corporations. Otherwise, enter it on line 760 of the T2 return.
Part 2 – Ontario small business deduction (OSBD)
Complete this part if your corporation claimed the federal small business deduction under subsection 125(1).
Line 400 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2A
Line 405 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2B
If your tax year starts before 2019, line 427 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2C
If your tax year starts after 2018
Line 410 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2D
Line 415 of the T2 return . . . . . . . . . . . . . . . . . . . . .
2E
×
=
Amount 2E
2F
Amount 2D
11,250
Line 515 of the T2 return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2G
Subtotal (amount 2D minus amount 2F minus amount 2G)
2H
Amount 2A, 2B, and 2C or 2H, whichever is the least . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2I
=
Note 3
Ontario domestic factor (ODF):
Taxable income for Ontario
2J
. . . . . . . . . . . . . . . . . . . . . . . .
Taxable income for all provinces
Note 4
Amount 2I multiplied by amount 2J . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2K
Ontario taxable income (amount 1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2L
Ontario small business income (amount 2K or 2L, whichever is the least) . . . . . . . . . . . . . . . . . . . . . . . . . . .
2M
Ontario small business deduction for the year
×
Amount 2M
8%
=
2N
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount 2N on line 402 of Schedule 5.
Note 3 Enter amount 1A.
Note 4 Includes the territories and the offshore jurisdictions for Nova Scotia and Newfoundland and Labrador.
T2 SCH 500 E (19)
(Ce formulaire est disponible en français.)
Page 1 of 2
Clear Data
Protected B
when completed
Part 3 – Ontario adjusted small business income
Complete this part if your corporation was a Canadian-controlled private corporation throughout the tax year and is claiming the Ontario tax credit for
manufacturing and processing or the Ontario credit union tax reduction.
Ontario adjusted small business income (amount 1A or 2I, whichever is the least) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3A
Enter amount 3A at amount 4B in Part 4 of this schedule or at amount 2E in Part 2 of Schedule 502, Ontario Tax Credit for Manufacturing
and Processing, whichever applies.
Part 4 – Credit union tax reduction
Complete this part and Schedule 17, Credit Union Deductions, if the corporation was a credit union throughout the tax year.
Amount 3C of Schedule 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4A
Ontario adjusted small business income (amount 3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4B
Subtotal (amount 4A minus amount 4B, if negative, enter "0")
4C
Amount 4C multiplied by amount 8% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4D
Ontario domestic factor (amount 2J) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4E
Ontario credit union tax reduction (amount 4D multiplied by amount 4E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4F
Enter amount 4F on line 410 of Schedule 5.
Page 2 of 2
Page of 2