ACME Corp's 2023 Tax Return

Company Profile

Basic identification for the corporation.

W
Identification

Corporation Name *

Business Number (BN) *

Tax Year Start *

Tax Year End *

Is this a CCPC (Canadian-controlled private corporation)? *

Head Office Address

Street number and name *

City *

Province *

Postal Code *

GIFI Schedules

General Index of Financial Information.

Schedule 100 - Balance Sheet Information

Report the assets, liabilities, and equity of the corporation.

Show Last Year

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Total Assets match Total Liabilities & Equity.

Assets

2599

Total Assets

Liabilities & Equity

3499

Total Liabilities

3640

Total Liabilities and Shareholder Equity

Schedule 125 - Non-Farm Income Statement

Report revenues and expenses to determine net income.

Show Last Year

Net Income (Loss) Before Taxes

Calculated from Revenue - Cost of Sales - Operating Expenses

Revenue & Cost of Sales

8519

Gross Profit / Loss

Expenses & Net Income

9970

Net Income/Loss before taxes

Tax Forms

Federal and Provincial tax schedules.

Schedule 1 - Net Income (Loss) for Tax Purposes

Reconciliation of net income per financial statements with net income for tax purposes.

Schedule 8 - Capital Cost Allowance (CCA) v1

Calculate capital cost allowance claim for depreciable assets.

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

101Is the corporation electing under subsection 1101(5q)?

Select Yes if you are electing to treat certain property as a separate class (Immediate Expensing Property).

105Are you associated with one or more EPOPs (subsection 1104(3.3))?

If No, the immediate expensing limit is $1.5 million. If Yes, you must complete the agreement table below to allocate the limit.

Part 2 – CCA calculation

Class 8-Furniture, fixtures, machinery, office equipment

20%

UCC End

$12,000

Class 50-Computer hardware/systems software (acquired after Mar 18, 2007)

55%

UCC End

$2,250

Recapture & Terminal Loss: Recapture of CCA is automatically calculated if your UCC balance becomes negative. Terminal losses must be identified manually if you have disposed of all assets in a class but still have a positive UCC balance.

T2 SCH 8

Capital Cost Allowance Worksheet

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For more information, see the section called "Capital Cost Allowance" in Guide T4012, T2 Corporation – Income Tax Guide.

Unless otherwise stated, all legislative references are to the federal Income Tax Act.

Is the corporation electing under subsection 1101(5q) of the Income Tax Regulations?

101YesNo

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Are you associated in the tax year with one or more EPOPs with which you have entered into an agreement under subsection 1104(3.3) of the Regulations?

105YesNo

If you answered yes, fill out Part 1. Otherwise, go to Part 2.

Enter a percentage assigned to each associated EPOP (including your corporation) as determined in the agreement.

This percentage will be used to allocate the immediate expensing limit. The total of all the percentages assigned under the agreement should not exceed 100%. If the total is more than 100%, then the associated group has an immediate expensing limit of nil. For more information about the immediate expensing limit, see note 12 in Part 2.

1
Name of EPOP

110

2
Identification numberNote 1

115

3
Percentage assigned under the agreement

120

Total

Immediate expensing limit allocated to the corporation (see Note 2)

125

Part 2 – CCA calculation

1Class numberNote 3

200

2Undepreciated capital cost (UCC) at the beginning of the year

201

3Cost of acquisitions during the year (new property must be available for use)Note 4

203

4Cost of acquisitions from column 3 that are designated immediate expensing property (DIEP)Note 5

232

5Adjustments and transfers (show amounts that will reduce the undepreciated capital cost in brackets)Note 6

205

6Amount from column 5 that is assistance received or receivable during the year for a property subsequent to its dispositionNote 7

221

7Amount from column 5 that is repaid during the year for a property subsequent to its dispositionNote 8

222

8Proceeds of dispositionsNote 9

207

9Proceeds of dispositions of the DIEP (enter amount from column 8 that relates to the DIEP reported in column 4)

234

10UCC (column 2 plus column 3 plus or minus column 5 minus column 8)Note 10

11UCC of the DIEP (enter the UCC amount that relates to the DIEP reported in column 4)Note 11

236

12Immediate expensingNote 12

238

13Cost of acquisitions on remainder of Class (column 3 minus column 12)

14Cost of acquisitions from column 13 that are accelerated investment incentive properties (AIIP) or properties included in Classes 54 to 56Note 13

225

15Remaining UCC (column 10 minus column 12) (if negative, enter "0")

16Proceeds of disposition available to reduce the UCC of AIIP and property included in Classes 54 to 56 (column 8 plus column 6 minus column 13 plus column 14 minus column 7) (if negative, enter "0")

15,000

5,000

Totals

17Net capital cost additions of AIIP and property included in Classes 54 to 56 acquired during the year (column 14 minus column 16) (if negative, enter "0")

18UCC adjustment for AIIP and property included in Classes 54 to 56 acquired during the year (column 17 multiplied by the relevant factor)Note 14

19UCC adjustment for property acquired during the year other than AIIP and property included in Classes 54 to 56 (0.5 multiplied by the result of column 13 minus column 14 minus column 6 plus column 7 minus column 8) (if negative, enter "0")Note 15

224

20CCA rate %Note 16

212

21Recapture of CCANote 17

213

22Terminal lossNote 18

215

23CCA (for declining balance method, the result of column 15 plus column 18 minus column 19, multiplied by column 20, or a lower amount, plus column 12)Note 19

217

24UCC at the end of the year (column 10 minus column 23)

220

20%

12,000

55%

2,250

Totals

$5,750

Form T2SCH8 E (23)

Schedule 8 - Capital Cost Allowance (CCA)

Is the corporation electing under subsection 1101(5q)?

Select Yes if you are electing to treat certain property as a separate class (Immediate Expensing Property).

101

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Are you associated with one or more EPOPs (subsection 1104(3.3))?

If No, the immediate expensing limit is $1.5 million. If Yes, you must complete the agreement table below to allocate the limit.

105

EPOP Agreement Details

Total Percentage

Immediate expensing limit allocated to the corporation

125

Part 2 – CCA calculation

Schedule 8 - Capital Cost Allowance (CCA) - Tanstack Form Variant v4

Is the corporation electing under subsection 1101(5q)?

Select Yes if you are electing to treat certain property as a separate class (Immediate Expensing Property).

101

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Are you associated with one or more EPOPs (subsection 1104(3.3))?

If No, the immediate expensing limit is $1.5 million. If Yes, you must complete the agreement table below to allocate the limit.

105

EPOP Agreement Details

Total Percentage

Immediate expensing limit allocated to the corporation

125

Part 2 – CCA calculation

Schedule 500 - Ontario Corporation Tax Calculation

Calculation of Ontario tax payable.

Find income tax forms, deductions, and credits

Missing a form? Search for it here.

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Company Profile

WIdentification

Head Office Address

GIFI Schedules

Assets

Liabilities & Equity

Net Income (Loss) Before Taxes

Revenue & Cost of Sales

Expenses & Net Income

Tax Forms

Schedule 1 - Net Income (Loss) for Tax Purposes

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Part 2 – CCA calculation

Capital Cost Allowance Worksheet

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Part 2 – CCA calculation

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Part 2 – CCA calculation

Part 1 – Agreement between associated eligible persons or partnerships (EPOPs)

Part 2 – CCA calculation

Schedule 500 - Ontario Corporation Tax Calculation

Find income tax forms, deductions, and credits

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Identification