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Amended T2


#1

I need to file an amended T2. Do the notes from the T2ADJ get transmitted to CRA?

I haven’t ever used Taxcycle to do this, any tips?

Thanks
Michelle


#2

Yes they do get transmitted…one recommendation would be to not spend a lot of time formatting it to look perfect with margins/fonts etc. as the formatting will not be retained when transmitting. Some more information about completing T2 adjustments can be found here:

https://www.taxcycle.com/Support/Documentation/ID/1278/Filing-an-amended-T2-or-AT1-corporate-tax-return

~ Rob


#3

Ok. Thanks.

Here’s another question. Can I use Taxcycle to transmit an amended return when the original was filed by someone else?

Different client – but I have been asked to review a T2 and I only have the paper copy so I don’t have an soft copy to amend. We manually entered in the original numbers but now I am wondering if I can use Taxcycle to file the amended copy or if I need to paper file this?

Thanks.


#4

Hi, You can file the amended copy of the return…ensure that on the filing section of the “Info” form - the question asking “Is the corporation filing an amended tax return?” is set to “Yes”.

~ Rob


#5

Just a follow up, both of my Amended T2s were transmitted fine.

Thanks for the help
Michelle


#6

We are trying to file an amended T2 for an adjustment on the sched 4 and while the software recognizes the change (we moved the loss carryback from line 912 to line 902), the resulting T2ADJ is coming up blank in the Description of changes section. Will the change actually be transmitted if we re-file this?


#7

@jriley

Hi. I am not sure what you mean by “the resulting T2ADJ is coming up blank in the Description of changes section”.
But, as long as you follow these steps and re-transmit, you are good to go:

  1. Amend the T2 return as needed (Sounds like you have already done this in Schedule 4)
  2. In T2 Info, under the Filing section, answer Yes to the question “Is the corporation filing an amended tax return?”
  3. Open T2ADJ notes form, provide the reason for the adjustment (ie. loss carryback moved from line 912 to 902 in Schedule 4)
  4. Transmit

When an amended T2 return is internet filed, the entire T2 return with all the supporting schedules are re-transmitted to the CRA replacing the previously filed T2 return in the CRA’s processing system to trigger a reassessment.

Hope that answers your question.
Have a great day!

Steven


#8

Thanks Steven, that answers my question. I was expecting the T2ADJ to be populated with the change automatically - like the T1. I get it now - thanks.