A few things that I have come across while preparing T2 returns over the last little while.
5 YearComp S1 (5 Year Comparative for S1)
In the Current Year Column “Total of lines 101 to 296” which is the subtotal between line 296 & 401 does not total lines 101 to 296, even if you check the box at the top of the page that says “Calculate totals”. I find that it only totals the amounts from lines 224 to 296 and misses adding lines 101 to 222 which means in most cases it puts a zero in that box. Oddly enough, it calculates the 4 prior years properly, so the issue exists just with the current year.
CGI - Corporate Group Information (corporate linking)
Perhaps I am not using the corporate linking properly, but there seems to be some data that doesn’t get completed on the CGI Worksheet from the CGI link file. I find myself entering this data manually, even though I feel the software should be able to pull this information automatically. Specifically;
CGI Schedule 23 - Agreement to allocate the Business Limit
The Taxable Income (Box 8) of the Target corporation does not get populated and I find that I must enter this manually.
CGI Schedule 49 - Agreement to allocate the Expenditure Limit
The prior year’s Taxable Income of the target corporation is blank, and I find that I must enter this figure manually. I find this odd, as the software remembers the Taxable Capital (CGI - S23 box 7) from the prior year but is not able to remember the taxable income for the Schedule 49.
ON S511 - Total Assets & Revenue
I find that I must enter the Total Assets (box 400) and the Total Revenue (box 500) for both the Source corporation as well as the target corporation.