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These corporations, which include non-profit organizations, do not usually have to pay any corporation income tax because they are exempted by one of the following paragraphs: Box 1 – Exempt under paragraph 149(1)(e) or (l)
Apr 12, 2016 · Even though no federal income tax is payable by these persons, they must complete and file certain documents with the Canada Revenue Agency (“CRA”) on an annual basis. This article focuses on the basic filing requirements of the corporations that are listed in this section of the Act.
Corporation income tax return. All resident corporations (except tax-exempt Crown corporations, Hutterite colonies and registered charities) have to file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes: non-profit organizations. tax-exempt corporations. inactive corporations.
If the corporation is involved in a transfer of property under section 85, make sure to file either Form T2057, Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation, or Form T2058, Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation. File Form T2058 when property is transferred ...
This schedule must be filed by corporations for the first year of filing after incorporation, amalgamation, or by parent corporations filing for the first time after winding-up a subsidiary corporation(s) under section 88 of the Income Tax Act during the curent taxation year.
Oct 10, 2008 · This page highlights the requirements to qualify for, and the procedures to apply for, the land transfer tax exemption on certain transfers of land from an individual or related individuals to a family business corporation, as provided for in Regulation 697, R.R.O. 1990 (Regulation 697).
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S corporations in Canada - Madan CA
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