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Tax Form T2 Schedule 125 Income Statement

proza

Newbie
Jul 9, 2019
4
0
The last item on this schedule is 9999, Net income/loss after taxes and Extraordinary items. This means the government expected I also report 8762, Business taxes on the income statement?

How could I know before hand how much tax I need to pay?

I had a bad experience about the taxes. Last time I followed the steps on the T2 and filed it with the schedules. When I got back the accessment, I was shock. The result showed the balance on the T2 was for the provincial government, I still owe the federal government tax. Wow!!!
 

Copingwithlife

VIP Member
Jul 29, 2018
3,864
1,867
Earth
The last item on this schedule is 9999, Net income/loss after taxes and Extraordinary items. This means the government expected I also report 8762, Business taxes on the income statement?

How could I know before hand how much tax I need to pay?

I had a bad experience about the taxes. Last time I followed the steps on the T2 and filed it with the schedules. When I got back the accessment, I was shock. The result showed the balance on the T2 was for the provincial government, I still owe the federal government tax. Wow!!!

What province are you filing your T2 in ? I would as advised get an accountant to do that filing for you
As well if your taxes owing are more than $3000, you now have to pay installments for the upcoming fiscal year for your company, either monthly or quarterly depending if your company is a CCPC. Failure to pay these installments will result in interest being charged for the amount owing, the day after the payment is due.