Form T2 Schedule 504 Ontario Resource Tax Credit (2019 and Later Tax Years) - Canada

Form T2 Schedule 504 Ontario Resource Tax Credit is used in Canada for claiming tax credits related to resource expenses incurred in the province of Ontario. Specifically, it is used for tax years 2019 and later.

The Form T2 Schedule 504 Ontario Resource Tax Credit in Canada is filed by corporations that are claiming the Ontario resource tax credit for the tax years 2019 and onwards.

FAQ

Q: What is Form T2 Schedule 504?A: Form T2 Schedule 504 is a tax form used in Canada for reporting the Ontario Resource Tax Credit.

Q: What is the Ontario Resource Tax Credit?A: The Ontario Resource Tax Credit is a tax credit available to certain corporations that carry on resource activities in Ontario.

Q: Who is eligible for the Ontario Resource Tax Credit?A: Corporations that carry on resource activities in Ontario may be eligible for the Ontario Resource Tax Credit.

Q: What is the purpose of Form T2 Schedule 504?A: Form T2 Schedule 504 is used to calculate the Ontario Resource Tax Credit and to report it on the corporation's tax return.

Q: When should Form T2 Schedule 504 be filed?A: Form T2 Schedule 504 should be filed with the corporation's tax return for the relevant tax year.

Q: Are there any deadlines for filing Form T2 Schedule 504?A: Yes, the deadline for filing Form T2 Schedule 504 is generally the same as the deadline for filing the corporation's tax return.

Q: Is the Ontario Resource Tax Credit refundable?A: No, the Ontario Resource Tax Credit is not refundable. It can only be used to offset the corporation's tax liability.

Q: What should I do if I have questions about Form T2 Schedule 504?A: If you have questions about Form T2 Schedule 504, you can contact the Canada Revenue Agency (CRA) or consult with a tax professional.