Are You Updated With Changes In T2- Corporate Income Tax Return?
Thank you for your support and enthusiasm for the previous article on what’s new and different in the T1 income tax return. Now we’re back with another hot topic: what new changes have been made to a corporation’s tax return.
The Canadian government makes some good decisions for People in Canada and businesses. They aid in their survival during the pandemic’s difficult period.
1. Covid19 Support Program:
Subsidies established by the government during the covid19 are now taxable as income, and businesses must report them as such on their tax returns.
The government proposed three new programs to help tourism, hospitality, and other hard-hit enterprises:
I. Tourism and Hospitality Recovery Program: The government has launched this program to assist the tourism and hospitality industries. Hotels, restaurants, bars, festivals, travel agencies, tour operators, convention centers, convention, and trade show organizers are all eligible. There are two requirements to be eligible for this program:
a. A minimum 40% reduction in average monthly revenue from the first 13 CEWS qualifying periods.
b. A minimum of 40% revenue loss in the current month.
Hardest–hit business recovery program: Hardest–hit business recovery program is a program is available to organizations that do not meet the criteria for the tourism and hospitality recovery program as well as businesses that have been severely impacted by the pandemic.
There are two eligibility requirements:
A minimum 40% reduction in average monthly revenue from the first 13 CEWS qualifying periods.
A minimum revenue loss of 40% in the current month.