Calculation of lines 716 to 718
To calculate the number of days in the transition year before June 1, 2016, and after May 31, 2016, the program verifies if a prior taxation year straddles June 1, 2016, in the “History of taxation years” section in Schedule 4N, Non-Capital Loss Continuity Workchart (Jump Code: 4N).
The part entitled “Schedule A - Worksheet for eligible expenditures incurred by the corporation in Ontario for the current taxation year” allows you to adjust the expenditures reported in Form T661, Scientific Research and Experimental Development (SR&DE) Expenditures Claim (Jump Code: 661) according to their eligibility to the OITC.
Government or non-government assistance and contract payments will have to be entered manually on Schedule A.
Note that Form T661 must be filed within the appropriate time limit to allow you to claim the OITC.
The OITC will be carried forward to line 468 of Schedule 5, Tax Calculation Supplementary – Corporations (Jump Code: 5).
Tip: For more information on the T2 Data Connection, please consult the T2 Data Connection guide, available in the Professional Centre.
See Also