T2 return for a holding company with inactive business income
How to set up a T2 return for a Holding company that has rental Income only (which is considered as Inactive business Income) so that the tax calculation excludes the small business deduction.
There are boxes to uncheck so that the tax calculation excluded the small business deduction, but I am not sure how to tackle this matter?
T2 return for a holding company with inactive business income
Hi
ProFile has the S7Rental worksheet to adjust the passive income on s7. So, enter the income and expenses as usual on s125 to report the taxable income. Then complete S7Rental. The S7Rental will then post to schedule 7 to adjust for this passive income. The result can then be seen on the T2 jacket, line 400. if there is now other income, the small business deduction will be zero after these entries.
T2 return for a holding company with inactive business income
Hi
ProFile has the S7Rental worksheet to adjust the passive income on s7. So, enter the income and expenses as usual on s125 to report the taxable income. Then complete S7Rental. The S7Rental will then post to schedule 7 to adjust for this passive income. The result can then be seen on the T2 jacket, line 400. if there is now other income, the small business deduction will be zero after these entries.
T2 return for a holding company with inactive business income
Thank you, this is of significant help to me.
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