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Intuit

S346 / S5NS Nova Scotia Corporation Tax Calculation Does Not Calculate Correctly for Certain Scenarios

Issue

For Canadian-Controlled Private Corporations (CCPCs) that have Nova Scotia (and/or offshore) taxable income between $350,000 and $500,000 for tax years straddling December 31, 2016, the Schedule 346 (Nova Scotia Corporation Tax Calculation) calculates an incorrect Nova Scotia (offshore) tax amount.

Resolution

Affected users should recalculate the Nova Scotia corporation tax with the tax calculation worksheet linked below; review the tax calculation for accuracy and completeness. Then, override the amounts CC, DD, and EE in Part 3 of S346 / S5NS with the corresponding amounts CC, DD, and EE calculated from the attached tax calculation worksheet.

Tax calculation worksheet (PDF)


 

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