Simplist way to file corporate T2 with no business activity

fern54 wrote: ↑ Hi, I’m trying to help out a friend that still hasn’t filed her corporations T2 for 2019. She had income and filed in 2018 and will again in 2020 but there was no revenue or expenses in 2019. Her previous accountant still wants to charge the full amount to prepare it but it seems it should be a simple return. I’ve done personal taxes myself for years but never corporate.

Do we have any options to file this non-complex return ourselves and any software recommendations? Thanks

zero_ wrote: ↑ No revenue or expense.. how about depreciation?

b33zlebub wrote: ↑

Download and file this manually. Mail it.
https://www.canada.ca/en/revenue-agency ... short.html

CraigB806782 wrote: ↑ Hi,
If the corp has a loss, Taxtron is free. MytaxExpress is 39.99 for a single return. If you are interested in having them done for a modest fee, PM me.

fern54 wrote: ↑ Thanks. Looking at the form I'm not 100% sure I can figure it all out myself without using any software. Generally speaking in this situation, do you think I'll be fine using the short form + doing research?

Unfortunately it would just be a straight 0 so not at a loss. I'm sure I could claim some minor expense that would put it at one though.

b33zlebub wrote: ↑ T2 Short is straightforward. There is a fillable pdf.

You will also need Sch 100, Sch 125 and Sch 8 (if you filed one last year). Or if you have 2019 financial statements, file these instead with the T2 short. Ignore the rest of the schedules in the link.

Do you have a copy of your 2018 T2? Copy over the info to the jacket (corporation name, BN, etc,) except the period will be the corporation 2019 fiscal year.
Checkbox "Yes" for - Is the corporation inactive?

If you don't have 2019 financial statements and corporate Assets and Liabilities didn't change from 2018 fiscal year end it should just be a matter of putting in the year end numbers for Sch100 for the balance sheet and Sch 8 for the CCA assets.

Schedule 125 field codes to fill in:
** 8299 Total Non-Farm Revenues = 0 (assuming the business is not farming)
** 9368 Total Operating expenses = 0
** 9999 Net income/loss =0

Leave everything else blank. Sign, date, mail in.

.....QED (Quite Easily Done)

fern54 wrote: ↑ Absolutely amazing. Really appreciate you taking the time to write that all out. I'll get that done tomorrow.