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Video instructions and help with filling out and completing What Form 2220 Revenue

Instructions and Help about What Form 2220 Revenue

Hi, my name is Karai Bertie. I'm a Chartered Professional Accountant serving clients located throughout the GTA in Ontario, Canada. In today's tutorial video, I am going to show you how you can file your own corporate income tax return for your small business. Generally, I would recommend this only if you have a very small business with simple expenses and no tax complexities involved. Let's begin. Step 1: You need to compile the following basic statements - a balance sheet, income statement, trial balance, and general ledger. You can use many free online accounting software that can easily export these statements for you. I would recommend using Waive Accounting for the purposes of this tutorial video. I have created sample statements that you can see here. The balance sheet includes the company name and the year-end date. The statement details the assets, liabilities, and shareholders' equity. Additionally, there is an income statement that details the revenues, expenses, and calculates the net income (revenue minus expenses). Step 2: To download the required schedules, go to [website] and search for T2 returns and schedules. Click on the first link from the CRA (Canada Revenue Agency). Here, you are provided with all the PDF fillable files of corporate tax return schedules required to file a return in Canada. Note that you will not need to follow all these schedules, but only particular ones. Step 3: Download the following schedules onto your computer. For the purposes of this video, I have already downloaded all these schedules. You will need the T2 corporate income tax return schedule (Schedule 200 or commonly referred to as the jacket), Schedule 1 - Net income for income tax purposes, Schedule 8 - Capital cost allowance, Schedule 50 - Shareholder loan, Schedule 524 - Ontario Specialty Types (only required for corporations...