What Form 2220 Revenue 2022-2023

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 tea to corporate income tax return for your small business generally I would recommend this only if you have a very small business with simple business expenses and no really 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's which 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 you can see here I have a balance sheet within company name and the year end date the statement details the assets of the company the liabilities and the shareholders equity in addition there is also an income statement which details the revenues and expenses of the corporation it also calculates the net income which is revenue minus your expenses step 2 to download the schedules required go to Google and search t2 returns and schedules click on the first link from the CRA here you are provided all the PDF fillable files of corporate tax return schedules required to file a return in Canada no 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 downloaded all these schedules already you will need the t2 corporate income tax return schedule which is schedule 200 or commonly referred to as the jacket download also schedule 1 net income for income tax purposes schedule 8 capital...