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The T2 Short Return Who can use the (Government of Canada)

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The T2 Short Return
The T2 Short Return is a simpler version of the T2 Corporation Income Tax Return. There are 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; or
•
exempt from tax under section 149 of the Income Tax Act (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
•
it does not have an amount calculated under section 34.2 of the federal Act.
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.
Except for Quebec and Alberta, the T2 Short Return also serves as a provincial or territorial income tax return.
Who can use 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.
*
If your corporation is inactive (you answered yes on line 280) and there is no balance sheet or income statement
information to report, you do not have to attach these schedules; however, they will be accepted if filed.
Depending on the circumstances, you may have to attach other forms or schedules, like Schedule 1, Schedule 8
and Schedule 50. 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.
Note
If you need a copy of Guide T4012, T2 Corporation – Income Tax Guide, or other schedules, go to cra.gc.ca/forms
or call
1-800-959-5525. If you need any additional information to help you complete this return, call Business Enquiries
at 1-800-959-5525.
What should you attach to the T2 Short Return?
T2 Short E (16)
(Vous pouvez obtenir ce formulaire en français à arc.gc.ca/formulaires ou en composant le 1-800-959-7775.)
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Schedule 1 S
Code 1601
Protected B when completed
Net Income (Loss) for Income Tax Purposes
Corporation's name Business number
Tax year end
Year Month Day
• This schedule lets you reconcile the corporation's net income (loss) as reported on the financial statements and its net income (loss) for tax purposes.
•
For more information, see guide T4012, T2 Corporation – Income Tax Guide.
A
Net income (loss) after taxes and extraordinary items per financial statements (from line 9999 of Schedule 125). . . . . . . . . . . . . .
Add:
101
Provision for income taxes – current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102
Provision for income taxes – deferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
Amortization of tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106
Amortization of intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
Recapture of capital cost allowance from Schedule 8. . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
Gain on sale of eligible capital property from Schedule 10 . . . . . . . . . . . . . . . . . . . . . . . .
111
Loss on disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
Charitable donations and gifts from Schedule 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
Taxable capital gains from Schedule 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
117
Depreciation in inventory – end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
121
Non-deductible meals and entertainment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
125
Other reserves on lines 270 and 275 from Schedule 13 . . . . . . . . . . . . . . . . . . . . . . . . . .
129
Income or loss for tax purposes – partnerships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
132
Income or loss for tax purposes – joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other additions (if you need more space, attach additional schedules):
605
1
Description
295
2
Amount
1.
2.
3.
4.
296
Total of column 2
◄
B
500
Total of lines 101 to 132, and line 296 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
◄
C
D
Subtotal (amount A plus amount C)
Deduct:
304
Bad debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
348
Book income of joint venture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
349
Book income of partnership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
401
Gain on disposal of assets per financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
403
Capital cost allowance from Schedule 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
404
Terminal loss from Schedule 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
405
Cumulative eligible capital deduction from Schedule 10 . . . . . . . . . . . . . . . . . . . . . . . . . .
406
Allowable business investment loss from Schedule 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
408
Holdbacks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
413
Other reserves on line 280 from Schedule 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
417
Contributions to deferred income plans from Schedule 15 . . . . . . . . . . . . . . . . . . . . . . . .
Other deductions (if you need more space, attach additional schedules):
705
1
Description
395
2
Amount
1.
2.
3.
4.
396
Total of column 2
◄
E
510
Total of lines 304 to 417, and line 396 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
◄
F
G
Net income (or loss) for income tax purposes – amount D minus amount F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount G on line 300 on page 1 of the T2 Short return. If the amount on line G is a positive amount, and the corporation is not exempt from tax under
section 149, file a regular T2 Corporation – Income Tax Return.
306
Equity in income from subsidiaries or affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T2 SCH 1 S E (16)
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Help
200S
Code 1601
Protected B
when completed
T2 Short Return
(2016 and later tax years)
• This form serves as a federal and provincial or territorial corporation income tax return, unless the corporation is located in
Quebec or Alberta. If the corporation is located in one of these provinces, you have to file a separate provincial corporation
return.
•
All legislative references in this return are to the federal Income Tax Act. This return may contain changes that had not yet
become law at the time of publication.
• Send one completed copy of this return, including schedules, and the General Index of Financial Information (GIFI) to your
tax centre or tax services office. You have to file the return within six months after the end of the corporation's tax year.
•
For more information, see cra.gc.ca
or Guide T4012, T2 Corporation – Income Tax Guide.
055
Do not use this area
Identification
001
Business number (BN)
002
Corporation's name . .
Address of head office
010
Has this address changed since the
last time we were notified? . . . . . . . . . .
1 Yes 2 No
If yes, complete lines 011 to 018.
011
012
015
City
016
Province, territory, or state
017
Country (other than Canada)
018
Postal code/ZIP code
Mailing address (if different from head office address)
020
Has this address changed since the last
time we were notified? . . . . . . . . . . . . .
1 Yes 2 No
If yes, complete lines 021 to 028.
021
c/o
022
023
025
City
026
Province, territory, or state
027
Country (other than Canada)
028
Postal code/ZIP code
Location of books and records (if different from head office address)
030
Has the location of books and records
changed since the last time we were
notified? . . . . . . . . . . . . . . . . . . . . . . . .
1 Yes 2 No
If yes, complete lines 031 to 038.
031
032
035
City
036
Province, territory, or state
037
Country (other than Canada)
038
Postal code/ZIP code
040
Type of corporation at the end of the tax year
1
2
3
4
5
Canadian-controlled private corporation (CCPC)
Other private corporation
Public corporation
Corporation controlled by a public corporation
Other corporation (specify)
085
If the corporation is exempt from tax under section 149, tick one
of the following boxes:
1
2
4
An agricultural organization, a board of trade or a chamber of commerce;
or a non-profit club, society or association
Non-profit corporations for scientific research and experimental development
Exempt under other paragraphs of section 149
To which tax year does this return apply?
060
Tax year start
Year Month Day
061
Tax year-end
Year Month Day
063
Has there been an acquisition of control
resulting in the application of
subsection 249(4) since the tax year
start on line 060? . . . . . . . . . . . . . . . . . . .
1 Yes
2 No
065
If yes, provide the date control was
acquired . . . . . . . . . . . . . . . . . . . . . . . . .
Year Month Day
066
Is the date on line 061 a deemed
tax year-end according to
subsection 249(3.1)? . . . . . . . . . . . . . . . .
1 Yes 2 No
067
Is the corporation a professional
corporation that is a member of a
partnership? . . . . . . . . . . . . . . . . . . . . . . .
1 Yes 2 No
Is this the first year of filing after:
070
Incorporation? . . . . . . . . . . . . . . . . . . . . .
1 Yes 2 No
071
1 Yes 2 No
Amalgamation? . . . . . . . . . . . . . . . . . . . .
If yes, complete and attach Schedule 24.
072
Has there been a wind-up of a subsidiary
under section 88 during the current tax
year? . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 Yes
2 No
If yes, complete and attach Schedule 24.
076
Is this the final tax year before
amalgamation? . . . . . . . . . . . . . . . . . . . .
1 Yes 2 No
078
Is this the final return up to
dissolution? . . . . . . . . . . . . . . . . . . . . . .
1 Yes 2 No
300
Net income (or loss) for income tax
purposes from Schedule 1, financial
statements, or GIFI . . . . . . . . . . . . . . . . .
750
Provincial/territorial
jurisdiction . . . . . . . . . . . . . . . . . . . . . . . .
840
Tax instalments paid . . . . . . . . . . . . . . . .
894
If there are excess payments in this year's
instalment account, indicate the refund code . . . . . . . . . . . . .
096
095
Do not use this area
T2 Short E (16)
(Vous pouvez obtenir ce formulaire en français à arc.gc.ca/formulaires ou en composant le 1-800-959-7775.)
Page 1 of 2
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R C
Protected B
when completed
Financial statement information – Use GIFI schedules 100, 125, and 141.
Schedules – Depending on the circumstances, you may need to attach some schedules to this return. Answer the following questions.
For each yes response, attach the schedule that applies to the T2 Short Return.
Yes Schedule
201
Is the net income/loss shown on the financial statements different from the net income or net loss for income tax purposes? . . . . . . . . . .
1
204
(i) Is the corporation including a schedule to show the continuity of losses? or,
(ii) Do you want to carry back the current year's loss to a previous tax year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
206
Has the corporation realized any capital gains or incurred any capital losses during the tax year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
208
Does the corporation have any property that is eligible for capital cost allowance? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
150
Is the corporation related to any other corporations? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
210
Does the corporation have any property that is eligible capital property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
162
Has the corporation had any transactions, including section 85 transfers, with its shareholders, officers, or employees, other than
transactions in the ordinary course of business? Exclude non-arm's-length transactions with non-residents . . . . . . . . . . . . . . . . . . . . . . . .
11
213
Is the corporation claiming deductible reserves? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
164
Has the corporation paid any royalties, management fees, or other similar payments to residents of Canada? . . . . . . . . . . . . . . . . . . . . . .
14
165
Is the corporation claiming a deduction for payments to a type of employee benefit plan? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
160
Is the corporation an associated Canadian-controlled private corporation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
173
Does the corporation (private corporations only) have any shareholders who own 10% or more of the corporation's common and/or
preferred shares? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
Attachments
280
Is the corporation inactive? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 Yes 2 No
Specify the principal products mined, manufactured, sold,
constructed, or services provided, giving the approximate
percentage of the total revenue that each product or
service represents.
284
285
%
286
287
%
288
289
%
295
If the corporation's major business activity is construction, did you have any subcontractors during the tax year? . . . . . . . . .
1 Yes 2 No
920
If this return was prepared by a tax preparer for a fee, provide their EFILE number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional information
950
I,
Last name
951
First name
954
Position, office, or rank
,
am an authorized signing officer of the corporation. I certify that I have examined this return, including accompanying schedules and statements, and that the
information given on this return is, to the best of my knowledge, correct and complete. I also certify that the method of calculating income for this tax year is
consistent with that of the previous tax year except as specifically disclosed in a statement attached to this return.
955
Date (yyyy/mm/dd) Signature of an authorized signing officer of the corporation
956
Telephone number
957
Is the contact person the same as the authorized signing officer? If no, complete the information below . . . . . . . . .
1 Yes 2 No
958
Name of other authorized person
959
Telephone number
Certification
990
Indicate the language of correspondence by entering 1 for English or 2 for French.
Indiquez la langue de correspondance en inscrivant 1 pour anglais ou 2 pour français.
Language of correspondence – Langue de correspondance
Personal information is collected under the Income Tax Act to administer tax, benefits, and related programs. It may also be used for any purpose related to
the administration or enforcement of the Act such as audit, compliance and the payment of debts owed to the Crown. It may be shared or verified with other
federal, provincial/territorial government institutions to the extent authorized by law. Failure to provide this information may result in interest payable, penalties
or other actions. Under the Privacy Act, individuals have the right to access their personal information and request correction if there are errors or omissions.
Refer to Info Source cra.gc.ca/gncy/tp/nfsrc/nfsrc-eng.html
, personal information bank CRA PPU 047.
Privacy statement
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The T2 Short Return Who can use the (Government of Canada)

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Completed 11 May 2022

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