Finance and Forex Trading Forum

Stephane · Guest

Hi there,

We're new to the Canadian Tax Law and we were wondering if someone could
answer this question for us.

What is the difference between the T2124 and the T2032?

We are a Corporation.

Thanks,
D.C.

Anonymous User · Guest

With respect...."We" may own the shares of a corporation, but "We" are not a
corporation. A corporation is a separate legal entity and will file a T2
return, not a T1. A T2 return does not include form T2124 (unincorporated
business income) or a T1032 (professional income and expenses).

If you needed to ask this question and there is some doubt as to the status
of the entity earning income, you probably shouldn't be doing your own
return.

With a corporation in play, there are dozens of potential tax-saving
opportunities that may exist. It's well worth the couple of hundred bucks
that a pro will charge you for the return and some consultation time. Is the
corporation paying you in the most effective way? If you are new to Canadian
tax law, it's a given that you can't honestly answer that question and that
you're probably paying too much tax.

"Stephane" <nospam@nospam.ca> wrote in message
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