Form 1480B Schedule CT22 Taxable Capital of Associated Corporations - Ontario, Canada

Form 1480B Schedule CT22 is used for reporting the taxable capital of associated corporations in Ontario, Canada for tax purposes.

FAQ

Q: What is Form 1480B?A: Form 1480B is a schedule used in Ontario, Canada for reporting the taxable capital of associated corporations.

Q: Who needs to file Form 1480B?A: Corporations in Ontario, Canada that have associated corporations and are required to report their taxable capital.

Q: What is taxable capital?A: Taxable capital refers to the value of a corporation's assets minus its liabilities, subject to certain adjustments.

Q: What are associated corporations?A: Associated corporations are corporations that have a significant degree of common ownership and control.

Q: Why is Form 1480B important?A: Form 1480B helps the government calculate the taxable capital of associated corporations, which is used to determine their tax liability.

Q: When is the deadline for filing Form 1480B?A: The deadline for filing Form 1480B may vary, so it's important to check the instructions or consult with the Ontario Ministry of Finance.

Q: What happens if I don't file Form 1480B?A: Failing to file Form 1480B or providing incorrect information can result in penalties or additional taxes levied by the government.

Q: Are there any eligibility requirements to file Form 1480B?A: To file Form 1480B, a corporation must meet the criteria set by the Ontario Ministry of Finance as per the instructions provided with the form.