LRIP-BalanceUse LRIP-Balance to enter the low rate income pool (LRIP) at the end of the previous tax year if you were a corporation resident in Canada that was a corporation other than a CCPC or a DIC or a corporation that elected under subsection 89(11) not to be a CCPC.
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Date-EligDivPaidUse Date-EligDivPaid to enter each date and amount where an eligible dividend was paid in the year for purposes of federal schedule 54.
Dividend-Amt.lUse Dividend-Amt.l to enter the amounts applicable to dividends in the current tax year.The following options are applicable for the keyword Dividend-Amt.l.
NonElig-DivdsUse NonElig-Divds to enter all dividends other than eligible dividends that were paid on or after the date all eligible dividends were paid.
LRIP-AdditionUse LRIP-Addition for an amalgamation, wind-up or the corporation ceasing to be a CCPC or a DIC. This information is needed in order to calculate the LRIP addition on federal schedule 54.The following options are applicable for the keyword LRIP-Addition.
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Predecessor.lUse Predecessor.l to enter the name of the predecessor corporation.
Subsidiary.lUse Subsidiary.l to enter the name of the subsidiary corporation.
Corp-Type.lUse Corp-Type.l to indicate whether or not the predecessor corporation or the subsidiary corporation was a Canadian-controlled private corporation (CCPC) or a deposit insurance corporation (DIC) in the previous year. This information is used to determine the LRIP addition for purposes of federal schedule 54.The following options are applicable for the keyword Corp-Type.l.
Date-Adjust.lUse Date-Adjust.l to enter the date that an adjustment was made as a result of an amalgamation or the wind-up of a subsidiary or on ceasing to be a CCPC.
PriorYrInfo.lUse PriorYrInfo.l to enter amounts relating to the previous/last year in order to determine the LRIP addition for purposes of federal schedule 54.The following options are applicable for the keyword PriorYrInfo.l.
Loss-CF.lUse Loss-CF.l to enter the amount of losses that would have been deductible under subsection 111(1) in calculating the corporation's taxable income for the previous/ last tax year.The following options are applicable for the keyword Loss-CF.l.
Loss-Applied.lUse Loss-Applied.l to enter the amount of losses deducted under subsection 111(1) in calculating the corporation's taxable income for the previous/last tax year.The following options are applicable for the keyword Loss-Applied.l.
LRIP-PrevYrUse LRIP-PrevYr to enter previous year information in order to determine the LRIP at the end of the tax year.The following options are applicable for the keyword LRIP-PrevYr.
Election.lYou can elect to treat all or part of your excessive eligible dividend designation as a separate taxable dividend in order to eliminate or reduce the Part III.1 tax otherwise payable. You must file the election on or before the day that is 90 days after the day the notice of assessment for Part III.1 tax was sent. The CRA will accept an election before the assessment of the tax. For more information on how to make this election, go to www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/eligible-dividends.html.Use the keyword Election.l to enter the excessive eligible dividend designation elected under subsection 185.1(2) to be treated as ordinary dividends.
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