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

ByMaurice

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.

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *