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Video instructions and help with filling out and completing Fill Form 2220 Corporations

Instructions and Help about Fill Form 2220 Corporations

Hi, my name is Alan Madden. I am a chartered accountant and a tax expert in the Toronto, Mississauga, and Oakville regions of Ontario, Canada. Today's short video is about how to prepare a corporation income tax return for a business in Canada. I'm going to walk you through step by step the corporation income tax return process, including the completion of all applicable schedules. The hope is that by the end of this video, you'll be able to complete your own corporation income tax return. So let's start. In this example, I'm using a fictitious company called Tech Consulting Company Inc. Let's look at the income statement of this particular company. Tech Consulting Inc. has a December 31st, 2010 year, with sales of $200,000 and expenses listed below, totaling $84,000. At the bottom, you'll see profit revenue minus expenses of $116,000. It's a profitable company. Now, let's take a look at the balance sheet or the statement of worth of Tax Consulting Company Inc. Tech Consulting Company Inc. has cash assets of $83,100, so it has a healthy balance sheet. It has total assets of $149,100, total liabilities of $13,000, and equity representing the money retained inside the corporation of $136,100. Before you start the preparation of your corporate income tax return, you'll require both the income statement and balance sheet of your company. Now, where do we get the schedules for the preparation of the tax return? That's an easy answer. It can be obtained from the Canada Revenue Agency's website, cra-arc.gc.ca. Under "Search the site," I'm now going to look for the schedules and I will type in "t2 returns and schedules." I'll hit the search button. The 8th link under the search results is "t2 returns and schedules." It provides a listing of all the schedules that you could...