Ontario Transitional Tax Debits and Credits – Canada Revenue Agency (2021)

Description:

Corporations may be subject to an Ontario transitional tax debit or be eligible to claim an Ontario transitional tax credit due to the harmonization of the two legislative acts governing federal and Ontario income taxes.

Eligibility:

Applicants must be specified corporations that are subject to Ontario transitional tax debit or claiming the Ontario transitional tax credit.

Documentation Needed:

Applicants must fill in:

  • Schedule T2SCH506, Ontario Transitional Tax Debits and Credits (2010 and later tax years) form, and
  • T2 Corporation Income Tax Return (2019 and later tax years).

Other Things to Note:

The Ontario transitional tax debits and credits are administered by the Canada Revenue Agency after December 31, 2008.

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