Credit Unions and Caisses Populaires Tax Return

The corporation is a credit union within the meaning of The Credit Unions and Caisses Populaires Profits Tax Act

In the program, when the corporation is a credit union or a caisse populaire within the meaning of subsection 137(6) of the federal Income Tax Act, you must answer Yes to the question Is the corporation a credit union? in the “General information” section of Form Corporate Identification and Other Information (Jump Code: ID) to allow the program to perform the appropriate calculations.

However, if the corporation is a credit union within the meaning of paragraphs b) and c) of subsection 137(6), the question Is the corporation a credit union as defined in The Credit Unions and Caisses Populaires Profits Tax Act of Manitoba? must be overridden to No, because those paragraphs are excluded from the definition of a “credit union” in The Credit Unions and Caisses Populaires Profits Tax Act.

Number of days in the taxation year during which the credit union has a permanent establishment in Manitoba

The fields in the Permanent Establishment in Manitoba (Days in Manitoba / 365) column of Section A, indicate the number of days in the taxation year of the filing corporation and in the taxation year of the associated corporations, if applicable. This number of days cannot exceed 365. If the number of days during which the credit union had a permanent establishment in Manitoba differs from the number of days calculated, modify the number entered using an override.

Attribution of various amounts when allocating the $400,000 deduction between the associated credit unions

If a credit union is associated with various credit unions in the course of the same taxation year and that it is allocated various amounts for the year under two or more agreements, the amount it is being allocated for that year is deemed to be the lesser of these amounts. The total of the amounts allocated cannot exceed $400,000.

Tip: For more information on the T2 Data Connection, please consult the T2 Data Connection guide, available in the Professional Centre.