T2 Short Form 2012

T2 Short E 12 Vous pouvez obtenir ce formulaire en fran ais www. arc.gc.ca ou en composant le 1-800-959-3376. The T2 Short Return Who can use the T2 Short Return two categories of corporations that are eligible to use this return You can use this return if the corporation is a Canadian-controlled private corporation throughout the tax year and has either a loss or a nil net income for income tax purposes this year. For more information see page 2 of the T2 Short Return and the T2 Guide. For your convenience this package includes the short version of Schedule 1 a Schedule 8 and a Schedule 50. For each yes response attach the schedule that applies to the T2 Short Return. Is the net income/loss shown on the financial statements different from the nil net income or net loss for income tax purposes. Except for Quebec and Alberta the T2 Short Return also serves as a provincial or territorial income tax return. What should you attach to the T2 Short Return There are three schedules you have to attach to this return Schedule 100 Balance Sheet Information showing the financial position of the corporation at the end of the tax year Schedule 125 Income Statement Information showing the corporation s income and expenses for the year if the corporation did not earn any income or incur any expenses simply state no income or no expenses and Schedule 141 Notes Checklist for any notes to the financial statement information and to indicate the involvement of an accountant. 413 Contributions to deferred income plans from Schedule 15. 417 Enter amount E on line 300 on page 1 of the T2 Short return. If the amount on line E is a positive amount and the corporation is not exempt from tax under section 149 file a regular T2 Corporation Income Tax Return. T2 SCH 1 S E 12 D E SCHEDULE 8 CAPITAL COST ALLOWANCE CCA 2006 and later tax years Name of corporation Code 0602 Is the corporation electing under Regulation 1101 5q Class number 1 Yes Undepreciated Proceeds of Cost of Net adjustments capital cost dispositions acquisitions show negative at the beginning during the year amounts in of the year amount not to new property brackets exceed the must be available for use end of the year from column 13 of last year s CCA see note 1 below see note 2 below schedule 2 No column 2 plus minus column 4 50 rule Reduced 1/2 of the amount undepreciated if any by which the net cost of column 6 minus column 7 exceeds column 5 CCA rate see note 4 below Recapture allowance at the end for declining balance method column 12 multiplied by column 9 or a lower amount Note 1. You can also use this return if the corporation is exempt from tax under section 149 such as a non-profit organization. In addition the corporation must meet all of the following conditions to use this return it has a permanent establishment in only one province or territory it is not claiming any refundable tax credits other than a refund of instalments paid it did not receive or pay out any taxable dividends it is reporting in Canadian currency it does not have an Ontario transitional tax debit and File a regular T2 Corporation Income Tax Return if the corporation does not fit into either of the above categories or does not meet all of the above conditions.