I have never prepared a T2 Corporate Tax Return for a Not-For-Profit Corporation and I have two questions.
Nowhere in the preparation does it state where to indicate it is a NFP corporation. Where do I find this?
At the end of preparation the remains tax owing. My understanding is it should be “no Tax owing”. Does this get fixed when I enter the proper corporation type in question 1?
Thank you. Yes, I was wondering the same thing. Not-for-profit corporation is the type of corporation and is exempt from taxes. So, if the net income would be NIL every year, I don’t know how this could be accomplished.