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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 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 2023 year and with sales of $200,000 and expenses listed below totaling eighty four thousand dollars at the bottom you'll see profit revenue minus expenses of a hundred and sixteen thousand dollars it's a profitable company 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 eighty three thousand one hundred dollars so it's a healthy balance sheet total assets of a hundred forty nine thousand one hundred total liabilities of thirteen thousand 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 zero four which is shown at the top bar CRA - AR CGC dot CA under search the site I'm now going to look for the schedules and I will...