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Please use CANTAX to finish this assignment. Anyone can help? George Martin (SIN 527-000-061) is the sole shareholder and CEO of the 8456189 ONTARIO LTD
Please use CANTAX to finish this assignment. Anyone can help?
George Martin (SIN 527-000-061) is the sole shareholder and CEO of the 8456189 ONTARIO LTD and the corporation was in General freight Trucking, Local business. George lives at 111 WWW Street, Toronto, Ontario L3S 4H7.The phone number is (604) 111-1111. The corporation's Head office address is same as the owner's residence and BN is 886478718RC0001 2020 8456189 ONTARIO LTD Martin Ltd Taxable capital employed as at December 31, 2020 65,800 158,000 1,200 Adjusted Aggregate investment income( AAll) 12,400 Taxable income 10,300 28,600 Reduced Business Limit 300,000 200,000 Mr. George Martin, the president and CEO of the Company, is the person who should be contacted with respect to matters concerning the Company's books and records. He is the authorized person as well as the signing officer. The Corporation number is 269321. Date of incorporation was June 25, 2006 and place of incorporation is Ontario. The preparer does not have a professional designation and he is not connected to the corporation. The preparer conducted only the compilation engagement and has not expressed a reservation. There were no notes to the financial statement. The corporation has neither investment in joint venture nor partnership. There was neither impairment and fair value changes nor adjustment to opening equity. The corporation did not want to register for e-mail correspondence with CRA. George Martin also sole shareholder of Martin Ltd (BIN 857352942RCO01)and allocating 350,000 of the annual business limit to Martin Ltd. 8456189 ONTARIO LTD Statement of Income For the period January 1, 2020 to December 31, 2021 2021 2020 286,817 268,520 6,000 1,500 Revenue Less Expenses Amortisation Donation Interest-short term Interest-long nterm Bank charges Repairs and maintenance Vehicle Sub-contract Employees Salary CPP Management salary Vehicle Fuel Telephone Stationary vehicle insurance Vehicle expenses Accounting Meals and entertainment Equipment rental Uniforms Small tools Total Expenses Net Income before tax Provision for Income Tax Net Income for the year Retained Earnings beginninng of the year Retained Earnings end of the year 1,458 2,652 952 21,060 14,560 42,500 1,892 15,000 98,560 1,860 1,562 4,235 2,560 1,200 1,560 4,800 1,456 1,496 226,863 59,954 2,000 57,954 18,328 76,282 6,000 2,500 1,256 3,560 1,020 17,000 16,980 48,650 2,152 20,000 110,252 2,456 863 3,950 3,564 1,000 2,156 3,600 1,250 1,165 249,374 19,146 3,000 16,146 2,182 18,328 STATES Paragraph 8456189 ONTARIO LTD BALANCE SHEET AS AT DECEMBER 31, 2021 2021 2020 ASSETS Current Assets Deposits Cash in Hand and Bank AR Tax recoverable Shareholders Loan 40,000 1.200 13,510 3,210 18,500 5,000 844 4,284 4,445 42,285 76,420 56,858 Capital Assets Motor vehicle Accumulated amortisation 166,200 90,000 150.200 84,000 76,200 152,620 66.200 123,058 Total Assets LIABILITIES Current liablities Bank Tax payable Accounts payable Line of credit/credit cards 13.860 2,000 16,560 2.450 3,000 18,320 5,860 32,420 29,630 Long term lia blities Bank Loan 43,818 75,000 43,818 76,238 75,000 104,630 Total Liablities SHAREHOLDERS EQUITY Share capital 100 common shares Retained Eamings Balance b/f 100 100 18,328 2.182 STATES) 27 . Styles Paragraph AUCins payable Line of credit/credit cards 10,JOV 10,40 5,860 32,420 29,630 Long term liblities Bank Loan 43,818 75,000 43,818 76,238 75,000 104,630 100 100 Total Lablities SHAREHOLDERS EQUITY Share capital 100 common shares Retained Eamings Balance b/f Net income Balance of Total Liablities and Shareholders Equity I 18,328 57,954 76,282 152,620 0 2,182 16,146 18.328 123,058 0 Note Fixed Assets Opening balance Adelition Less Disposition Accumulated Cost depeciation 150,200 84,000 21,500 5,500 add Depreciation 6,000 90,000 166,200 The corporation purchased a new trailer for 21,500 trade in with old trailer for 5,500. 8456189 ONTARIO LTD Non-capital loss C/F from 2014 UCC(Truck-class 16) Balance as at 12/31/2020 12,700 42,300 Required Prepare the T2 Return of 8456189 ONTARIO LTD using Cantax software for the year ended December 31, 2021 and attach the following schedules in PDF Format 1. T2 Jacket 2. Diagnosis 3. Schedule 4 4. Schedule 8 5. Schedule 1 6. Schedue23 7. Schedule 9 8. Schedule 50 9. GIFI 125 10.GIFI 100 11. GIFI 140 12.GIFI 141 13. Tax summary George Martin (SIN 527-000-061) is the sole shareholder and CEO of the 8456189 ONTARIO LTD and the corporation was in General freight Trucking, Local business. George lives at 111 WWW Street, Toronto, Ontario L3S 4H7.The phone number is (604) 111-1111. The corporation's Head office address is same as the owner's residence and BN is 886478718RC0001 2020 8456189 ONTARIO LTD Martin Ltd Taxable capital employed as at December 31, 2020 65,800 158,000 1,200 Adjusted Aggregate investment income( AAll) 12,400 Taxable income 10,300 28,600 Reduced Business Limit 300,000 200,000 Mr. George Martin, the president and CEO of the Company, is the person who should be contacted with respect to matters concerning the Company's books and records. He is the authorized person as well as the signing officer. The Corporation number is 269321. Date of incorporation was June 25, 2006 and place of incorporation is Ontario. The preparer does not have a professional designation and he is not connected to the corporation. The preparer conducted only the compilation engagement and has not expressed a reservation. There were no notes to the financial statement. The corporation has neither investment in joint venture nor partnership. There was neither impairment and fair value changes nor adjustment to opening equity. The corporation did not want to register for e-mail correspondence with CRA. George Martin also sole shareholder of Martin Ltd (BIN 857352942RCO01)and allocating 350,000 of the annual business limit to Martin Ltd. 8456189 ONTARIO LTD Statement of Income For the period January 1, 2020 to December 31, 2021 2021 2020 286,817 268,520 6,000 1,500 Revenue Less Expenses Amortisation Donation Interest-short term Interest-long nterm Bank charges Repairs and maintenance Vehicle Sub-contract Employees Salary CPP Management salary Vehicle Fuel Telephone Stationary vehicle insurance Vehicle expenses Accounting Meals and entertainment Equipment rental Uniforms Small tools Total Expenses Net Income before tax Provision for Income Tax Net Income for the year Retained Earnings beginninng of the year Retained Earnings end of the year 1,458 2,652 952 21,060 14,560 42,500 1,892 15,000 98,560 1,860 1,562 4,235 2,560 1,200 1,560 4,800 1,456 1,496 226,863 59,954 2,000 57,954 18,328 76,282 6,000 2,500 1,256 3,560 1,020 17,000 16,980 48,650 2,152 20,000 110,252 2,456 863 3,950 3,564 1,000 2,156 3,600 1,250 1,165 249,374 19,146 3,000 16,146 2,182 18,328 STATES Paragraph 8456189 ONTARIO LTD BALANCE SHEET AS AT DECEMBER 31, 2021 2021 2020 ASSETS Current Assets Deposits Cash in Hand and Bank AR Tax recoverable Shareholders Loan 40,000 1.200 13,510 3,210 18,500 5,000 844 4,284 4,445 42,285 76,420 56,858 Capital Assets Motor vehicle Accumulated amortisation 166,200 90,000 150.200 84,000 76,200 152,620 66.200 123,058 Total Assets LIABILITIES Current liablities Bank Tax payable Accounts payable Line of credit/credit cards 13.860 2,000 16,560 2.450 3,000 18,320 5,860 32,420 29,630 Long term lia blities Bank Loan 43,818 75,000 43,818 76,238 75,000 104,630 Total Liablities SHAREHOLDERS EQUITY Share capital 100 common shares Retained Eamings Balance b/f 100 100 18,328 2.182 STATES) 27 . Styles Paragraph AUCins payable Line of credit/credit cards 10,JOV 10,40 5,860 32,420 29,630 Long term liblities Bank Loan 43,818 75,000 43,818 76,238 75,000 104,630 100 100 Total Lablities SHAREHOLDERS EQUITY Share capital 100 common shares Retained Eamings Balance b/f Net income Balance of Total Liablities and Shareholders Equity I 18,328 57,954 76,282 152,620 0 2,182 16,146 18.328 123,058 0 Note Fixed Assets Opening balance Adelition Less Disposition Accumulated Cost depeciation 150,200 84,000 21,500 5,500 add Depreciation 6,000 90,000 166,200 The corporation purchased a new trailer for 21,500 trade in with old trailer for 5,500. 8456189 ONTARIO LTD Non-capital loss C/F from 2014 UCC(Truck-class 16) Balance as at 12/31/2020 12,700 42,300 Required Prepare the T2 Return of 8456189 ONTARIO LTD using Cantax software for the year ended December 31, 2021 and attach the following schedules in PDF Format 1. T2 Jacket 2. Diagnosis 3. Schedule 4 4. Schedule 8 5. Schedule 1 6. Schedue23 7. Schedule 9 8. Schedule 50 9. GIFI 125 10.GIFI 100 11. GIFI 140 12.GIFI 141 13. Tax summary
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