Form T2 Worksheet 2 "Calculating Your Monthly Instalment Payments" - Canada

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Download Form T2 Worksheet 2 "Calculating Your Monthly Instalment Payments" - Canada

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Clear Data
Worksheet 2
Protected B
when completed
Calculating your monthly instalment payments for 2020
• Use this worksheet to calculate your monthly instalment payments for 2020. If you are eligible to make quarterly instalment payments, use Worksheet 3.
• To find out if you are eligible to make quarterly instalment payments, see the T7B-Corp, Corporation Instalment Guide.
• Use the estimates calculated from Worksheet 1 to complete this worksheet. If you had tax payable for 2019, complete option 2; if you had tax payable for
2018, complete option 3.
• Instalment payments are due on the last day of every complete month of your corporation's tax year. See the T7B-Corp for more information on due dates
and payments.
• This worksheet does not have to be filed with your T2 Corporation Income Tax Return.
Option 1 – 2020
1A
Total estimated 2020 federal tax
payable*
(amount H from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
Estimated 2020 net provincial and territorial tax payable before refundable
credits**
(amount I from Worksheet 1) . . . . . . . . . . . . . . . .
1C
Total estimated 2020 tax payable (amount J from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1E
Option 1 instalment base amount (amount 1C minus amount 1D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 monthly payments due under option 1 (amount 1E divided by 12)
1F
Option 2 – 2019
2A
Total 2019 federal tax
payable*
(total of lines 700, 720, 724, 727 from your T2 return for 2019) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2B
2019 net provincial and territorial tax payable before refundable
credits**
(line 760 from your T2 return for 2019) . . . . . . . . . . . . . . . .
2C
Total 2019 tax payable (amount 2A plus amount 2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2E
Option 2 instalment base amount (amount 2C minus amount 2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 monthly payments due under option 2 (amount 2E divided by 12)
2F
Option 3 – 2018
3A
Total 2018 federal tax payable (total of lines 700, 720, 724, 727 from your T2 return for 2018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B
2018 net provincial and territorial tax payable before refundable credits (line 760 from your T2 return for 2018) . . . . . . . . . . . . . . . . . .
3C
Total 2018 tax payable (amount 3A plus amount 3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3E
Option 3 instalment base amount (amount 3C minus amount 3D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First two monthly payments due under option 3 (amount 3E divided by 12)
3F
3G
Option 2 instalment base amount (amount 2E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3H
Total of the first two monthly payments (amount 3F multiplied by 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3I
Difference (amount 3G minus amount 3H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remaining 10 monthly payments due under option 3 (amount 3I divided by 10)
3J
Summary
Under option 1, $
is due each month of the tax year.
Under option 2, $
is due each month of the tax year.
Under option 3, $
is due each month for the first two months of the tax year, then $
is due each month for the
remaining 10 months of the tax year.
Note:
You can use the option that results in the least amount payable by instalments. Any remaining unpaid tax is payable on or before the balance-due day.
We will charge interest if you use option 1 and the estimated tax is lower than the year's actual tax and the tax calculated using option 2 or 3.
* If the total of parts I, VI, VI.1 and XIII.1 tax is $3,000 or less for either 2020 (amount 1A) or 2019 (Amount 2A), you do not have to make instalment
payments on this amount for 2020.
** This amount is net of provincial and territorial non-refundable credits. If the provincial and territorial tax before refundable credits is $3,000 or
less for either 2020 (amount 1B) or 2019 (amount 2B), you do not have to make instalment payments on this amount for 2020.
T2WS2 E (19)
(Ce formulaire est disponible en français.)
Clear Data
Worksheet 2
Protected B
when completed
Calculating your monthly instalment payments for 2020
• Use this worksheet to calculate your monthly instalment payments for 2020. If you are eligible to make quarterly instalment payments, use Worksheet 3.
• To find out if you are eligible to make quarterly instalment payments, see the T7B-Corp, Corporation Instalment Guide.
• Use the estimates calculated from Worksheet 1 to complete this worksheet. If you had tax payable for 2019, complete option 2; if you had tax payable for
2018, complete option 3.
• Instalment payments are due on the last day of every complete month of your corporation's tax year. See the T7B-Corp for more information on due dates
and payments.
• This worksheet does not have to be filed with your T2 Corporation Income Tax Return.
Option 1 – 2020
1A
Total estimated 2020 federal tax
payable*
(amount H from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B
Estimated 2020 net provincial and territorial tax payable before refundable
credits**
(amount I from Worksheet 1) . . . . . . . . . . . . . . . .
1C
Total estimated 2020 tax payable (amount J from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1E
Option 1 instalment base amount (amount 1C minus amount 1D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 monthly payments due under option 1 (amount 1E divided by 12)
1F
Option 2 – 2019
2A
Total 2019 federal tax
payable*
(total of lines 700, 720, 724, 727 from your T2 return for 2019) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2B
2019 net provincial and territorial tax payable before refundable
credits**
(line 760 from your T2 return for 2019) . . . . . . . . . . . . . . . .
2C
Total 2019 tax payable (amount 2A plus amount 2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2E
Option 2 instalment base amount (amount 2C minus amount 2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 monthly payments due under option 2 (amount 2E divided by 12)
2F
Option 3 – 2018
3A
Total 2018 federal tax payable (total of lines 700, 720, 724, 727 from your T2 return for 2018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B
2018 net provincial and territorial tax payable before refundable credits (line 760 from your T2 return for 2018) . . . . . . . . . . . . . . . . . .
3C
Total 2018 tax payable (amount 3A plus amount 3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3D
Total estimated refundable tax credits for 2020 (amount K from Worksheet 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3E
Option 3 instalment base amount (amount 3C minus amount 3D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First two monthly payments due under option 3 (amount 3E divided by 12)
3F
3G
Option 2 instalment base amount (amount 2E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3H
Total of the first two monthly payments (amount 3F multiplied by 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3I
Difference (amount 3G minus amount 3H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remaining 10 monthly payments due under option 3 (amount 3I divided by 10)
3J
Summary
Under option 1, $
is due each month of the tax year.
Under option 2, $
is due each month of the tax year.
Under option 3, $
is due each month for the first two months of the tax year, then $
is due each month for the
remaining 10 months of the tax year.
Note:
You can use the option that results in the least amount payable by instalments. Any remaining unpaid tax is payable on or before the balance-due day.
We will charge interest if you use option 1 and the estimated tax is lower than the year's actual tax and the tax calculated using option 2 or 3.
* If the total of parts I, VI, VI.1 and XIII.1 tax is $3,000 or less for either 2020 (amount 1A) or 2019 (Amount 2A), you do not have to make instalment
payments on this amount for 2020.
** This amount is net of provincial and territorial non-refundable credits. If the provincial and territorial tax before refundable credits is $3,000 or
less for either 2020 (amount 1B) or 2019 (amount 2B), you do not have to make instalment payments on this amount for 2020.
T2WS2 E (19)
(Ce formulaire est disponible en français.)