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T2 info page - SK Corporation

#1

This is my first SK corporate return.

Q1 - SK - Account # for capital tax return
numbered corp = corp number

Q2 - SK - Corporation type of capital tax return
This is a CCPC

SK corp type options are…

  1. Crown corporation
  2. Financial institution
  3. Small financial institution
  4. Resident resource corporation
  5. Non-resident resource corporation

Do I just leave this blank?

Q3 - There is no taxable income.
How does SK handle this filing?

#2

Noodled my way through the maze.

Any final tips and traps would be appreciated.

#3

@dominique_dabolczi

If a corporate tax year starts after June 30, 2008, only a financial institution, crown corporation or a resource corporation is required to file a SK capital tax return.

For further information on eligibility, refer to:
https://www.saskatchewan.ca/business/taxes-licensing-and-reporting/provincial-taxes-policies-and-bulletins/corporation-capital-tax/file-your-corporation-capital-tax-return

You can find more detailed information here:
https://www.saskatchewan.ca/business/taxes-licensing-and-reporting/provincial-taxes-policies-and-bulletins/corporation-capital-tax

http://www.publications.gov.sk.ca/deplist.cfm?d=15&c=284

It does not appear that you would need to prepare one but you can refer to the above resources to confirm.

Steven

#4

@Steven
Thank you for the references.
DDF

#5

@Steven

Well. It appears that there is no requirement for as SK General Corporation to file a tax return.

"Corporations with a permanent establishment in Saskatchewan that have taxable paid-up capital or a value of resource sales must file a return and pay any balance of tax owing within six months following the close of the fiscal year.

Eligibility

Corporations which have paid-up capital in excess of $10 million are required to file a Corporation Capital Tax return. General corporations with a fiscal year beginning after June 30, 2008 which are not a financial institution, a crown corporation or a resource corporation are not required to file a Corporation Capital Tax return.

Resource corporations are subject to a Corporation Capital Tax Resource Surcharge. A “resource corporation” is defined as:

  1. A corporation that has a value of resource sales and which has taxable paid-up capital after deducting the $10 million standard exemption, the additional exemption, goodwill allowance, and the investment allowance but not the deferred exploration and development expenses; or
  2. A resource corporation that has assets in excess of $100 million (including assets of all associated corporations).

Resource corporations are required to complete all sections of the return for verification purposes to ensure only those corporations which meet the definition of a resource corporation are liable to pay the tax."

https://www.saskatchewan.ca/business/taxes-licensing-and-reporting/provincial-taxes-policies-and-bulletins/corporation-capital-tax/file-your-corporation-capital-tax-return

#6

Is there a SK consent to represent the Corporation form?

I want to be able to confirm that the Corporation’s Certificate of Dissolution is processed and that I have nothing more to do for this SK General Business Corporation.

#7

Found it.

Corporation Capital Tax - Business Consent
http://www.publications.gov.sk.ca/details.cfm?p=177

Corporation Capital Tax Return
http://www.publications.gov.sk.ca/details.cfm?p=179

CT-1 Calculation of Paid-up Capital
Corporation Capital Tax Bulletin 1: Calculation of Paid-up Capital

This bulletin has been prepared to help corporations determine what items are to be included in paid-up capital. It is a general guide and not a substitute for the legislation.
http://www.publications.gov.sk.ca/details.cfm?p=8003