Ontario Forms

This page will give you additional information regarding the Ontario forms and Schedules.

Schedule 500 - Ontario Corporation Tax Calculation

Schedule 500 must be used by corporations that have a year end after December 31, 2008

Reporting the tax: Use Schedule 500, Ontario Corporation Tax Calculation, to calculate Ontario basic income tax.

On line 270 of Schedule 5, Tax Calculation Supplementary - Corporations, enter the amount of basic income tax calculated.

The basic rate of income tax is 12% effective July 1, 2010 (it was previously 14%).

This rate will be reduced as follows:

11.5% effective July 1, 2011;
11% effective July 1, 2012; and
10% effective July 1, 2013.

The tax is prorated based on the number of days in the year when the tax year straddles these dates.

A corporation that was a Canadian-controlled private corporation (CCPC) throughout the tax year can reduce its Ontario basic income tax by claiming the Ontario small business deduction.

The deduction is calculated by multiplying the corporation's Ontario small business income for the tax year by the small business deduction rate. Effective July 1, 2010, the small business deduction rate is 7.5%, resulting in a lower tax rate of 4.5%. It was previously 8.5% for the year, resulting in a lower tax rate of 5.5%.

The rate is prorated based on the number of days in the year when the tax year straddles July 1, 2010.

A corporation's Ontario small business income for the tax year is its Ontario domestic factor multiplied by the least of the following amounts:

the income from an active business carried on in Canada (amount on line 400 of the T2 return);
the federal taxable income, less adjustment for foreign tax credit (amount on line 405 of the T2 return); or
The unreduced federal business limit adjusted for Ontario's higher business limit of $500,000 for days in the tax year that are in 2008 (line 3 on page 1 of Schedule 500).

A corporation's Ontario domestic factor is the ratio of the corporation's Ontario taxable income to the corporation's taxable income earned in all provinces and territories.

Claiming the deduction: Use Part 3 of Schedule 500, Ontario Corporation Tax Calculation, to calculate the deduction. Schedule 500 is a worksheet and does not have to be filed with your return.

On line 402 of Schedule 5, Tax Calculation Supplementary - Corporations, enter the Ontario small business deduction amount.

Schedule 524 - Ontario Specialty Types

Any corporation carrying on business in Ontario through a permanent establishment must file Schedule 524, Ontario Specialty Types, to identify its specialty type if:

Information reported in this schedule allows you to perform certain calculations in Ontario Schedule 500 and subsequent.

Schedule 546 - Corporations Information Act Annual Return for Ontario Corporations

This schedule must be used by corporations that are incorporated, continued or amalgamated in Ontario under the Business Corporations Act (BCA) or the Corporation Act (CA) that have a year end after December 31, 2008.

The form will be applicable when the answer to the question “Is the corporation incorporated in Ontario under the Business Corporations Act or the Corporations Act? located above Part 1 of Schedule 546, is 'Yes.'

If corporations have never answered this question, the jurisdiction will default to 'Federal' and Schedule 546 will not be applicable.

Note: A corporation that is incorporated, continued, or amalgamated in a jurisdiction outside Canada with a licence under the Extra-Provincial Corporations Act to carry on a business in Ontario must file Schedule 548, Corporations Information Act Annual Return for Foreign Business Corporations and not Schedule 546.

Complete parts 1 to 4. Complete parts 5 to 7 only to report change(s) in the information recorded on the Ontario Ministry of Government Services (MGS) public record.

Changing director/officer information

To report changes to the name of a director/officer or changes to both the address and date elected/appointed of a director/officer, complete two copies of Part 7 of Schedule 546 as follows:

Schedule 548 - Corporations Information Act Annual Return for Foreign Business Corporations

This schedule must be used by a foreign business corporation with share capital that is incorporated, continued or amalgamated in a jurisdiction outside Canada with a licence under the Extra-Provincial Corporations Act (EPCA) to carry on business in Ontario and has a year end after December 31, 2008.

The form will be applicable when the answer to the question “Is the corporation incorporated in a jurisdiction outside Canada with a licence under the Ontario extra-provincial corporations Act? located above Part 1 of schedule 548, is “Yes.”

Complete parts 1 to 4. Complete parts 5 to 9 only to report change(s) in the information recorded on the Ontario Ministry of Government Services (MGS) public record.

This schedule contains non-tax information collected under the authority of the Ontario Corporations Information Act. This information will be sent to the MGS for the purposes of recording the information on the public record maintained by the MGS.

Note: A corporation that is incorporated, continued, or amalgamated in Ontario must file Schedule 546, Corporations Information Act Annual Return for Ontario Corporations and not Schedule 548.

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