Corporate Group Information - Schedule ON511

This relates to the T2 Return for Related and Associated Corporations (Corporate Group Information Worksheet).

The On Schedule 511 section of the Corporate Group Information (CGI) form requires a user to manually input values for Total Assets (field 400) as well as Total Revenue (field 500) even though the software already knows all of these values (which are derived from Schedule 100 and 125). Ironically enough, the values for Total Assets and Total Revenue do flow automatically to the Ontario Schedule 510.

Would it be possible in some future update to have TaxCycle calculate the values for Total Assets (field 400) and Total Revenue (field 500) on the CGI form for the corporation and automatically update for associated corporations if using corporate linking like it does with all of the other fields (ie taxable income, taxable capital etc).

Maybe the area in the CGI form relating to the ON Schedule 511 just got overlooked when programming for that form? TaxCycle knows enough to put the names (and business numbers) of the associated corporations on Schedule 511, just not the Assets and Revenue.

@snoplowguy First, happy holidays to you.

When we designed S511 section in CGI, “I” (it was all me) intentionally asked our engineers to make the first row (ie. filing corporation row) to be editable fields (rather than calculated fields that would transfer amounts from S100 and S125) for the columns “Total assets” and “Total revenue”.

Now, the reason for this was because of these “rules” at the bottom of S511 which to me suggest that total assets and total revenue may need adjustments and may not always be equal to S100 and S125 amounts. But, I also understand that in most cases, total assets and total revenue will not need adjustments.

To be honest, I had a few others also suggest the same as your suggestion.
I could create some extra columns (highlighted below) to allow assets and revenue to be calculated from GIFI and adjustments to be entered manually if needed for the first row in the CGI S511 table.

Then, when you perform corporate linking, all the details would be shared.
Would this work for you?


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Happy Holidays to you as well Steven!

I suppose the Schedule 511 differs from the 510 in that Schedule 510 includes fields to make some of those adjustments, whereas Schedule 511 does not.

I think your suggestion to extract the information from the S100 and S125, but with the ability to make manual adjustments would work very well.

Thanks for considering this.

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