Schedule 506 must be used by corporations that have a taxation year ending after December 31, 2008.
Parts 1, 2 and 4 must only be completed if the taxation year includes January 1, 2009, or if the previous taxation year end is deemed to be December 31, 2008, under subsection 249(3) of the federal Act. Although the program will roll forward most of the appropriate amounts in Parts 1 and 2, ensure no adjustment is required.
Parts 10 to 14 must only be completed if the corporation or a predecessor corporation made an election under clause (b) of definition “I” in paragraph 1 of subsection 48(4) of the Taxation Act, 2007 (Ontario) at the transition time. In this case, answer Yes to the question “Did the corporation or a predecessor corporation make an election in Part 4 at the transition time?” located above Part 10.