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How do you enter the T3 info and T5 info onto a T2 return?
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T3 and T5 info Proper way to enter on the T2 return
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#2
samhill 
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Posted 29 March 2010 - 04:32 PM
A corporation will not necessarily have a December 31 year end!
The corporation will have recorded the income on its fiscal cycle, so that the income taxable will not always be the same as the amounts reported on the T3s and T5s.
It should be reported on the financial statements for the year and those amounts would be reported and taxed correctly. You would then ignore the T3s and T5s.
Remember only people have a Jan to Dec year.
The corporation will have recorded the income on its fiscal cycle, so that the income taxable will not always be the same as the amounts reported on the T3s and T5s.
It should be reported on the financial statements for the year and those amounts would be reported and taxed correctly. You would then ignore the T3s and T5s.
Remember only people have a Jan to Dec year.
#3
Lee@Intuit
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Posted 29 March 2010 - 05:07 PM
Agree with samhill, although, while they did not get reported on the return in the same way that they do for T1's, I used to use the slips to reconcile the income reported each year to make sure everything was accounted for.
Gets slightly more tricky when the corp year-end is off-calendar but you can eventually line everything up.
-Lee
Gets slightly more tricky when the corp year-end is off-calendar but you can eventually line everything up.
-Lee
#4
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Posted 29 March 2010 - 06:36 PM
samhill, on 29 March 2010 - 10:32 AM, said:
A corporation will not necessarily have a December 31 year end!
The corporation will have recorded the income on its fiscal cycle, so that the income taxable will not always be the same as the amounts reported on the T3s and T5s.
It should be reported on the financial statements for the year and those amounts would be reported and taxed correctly. You would then ignore the T3s and T5s.
Remember only people have a Jan to Dec year.
The corporation will have recorded the income on its fiscal cycle, so that the income taxable will not always be the same as the amounts reported on the T3s and T5s.
It should be reported on the financial statements for the year and those amounts would be reported and taxed correctly. You would then ignore the T3s and T5s.
Remember only people have a Jan to Dec year.
While agreeing totally with your sentiments...
For a corporation that has invested in mutuals, it can sure be a pain to reconcile the various income classifications in the 'dividends' received when the company is not on the calendar year... and, in such cases, you ignore the info slips at your peril...
#5
JohnV
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Posted 30 March 2010 - 02:54 AM
I'm with Bert.
For those companies with T3s and T5s, T5013s etc, I actually prepare a schedule to make sure all the right investment income and ROC is properly segregated. I admit to using estimates in some cases because of of calendar year ends etc, but I carry my schedules forward to make sure things don't go too far out of whack. This way canadian dividends, Foreign dividends, Canadian interest, ROC etc is properly recorded and taxed.
Now if the amounts are entirely inconsequential....
For those companies with T3s and T5s, T5013s etc, I actually prepare a schedule to make sure all the right investment income and ROC is properly segregated. I admit to using estimates in some cases because of of calendar year ends etc, but I carry my schedules forward to make sure things don't go too far out of whack. This way canadian dividends, Foreign dividends, Canadian interest, ROC etc is properly recorded and taxed.
Now if the amounts are entirely inconsequential....
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