Issue

It is necessary to undertake a T2 amendment or adjustment.

Note: only T2 returns with the start year of "2014/04/01" and later are supported by ProFile.

Resolution

User-added image

 
  1. Open the T2 return to be amended.

  2. Select the "Save As..." option from the "File" drop-down menu in the top toolbar.

  3. Save the T2 return as "[CORPORATION NAME]_amended". This saves a copy of the original T2 in case any issues occur with the amended version.

Note: use the "[CORPORATION NAME]_amended" copy for the remainder of this process.

  4. Navigate to the "Corporate Information" page of the T2.

  5. Set the response to "Yes" in the "Is this an amended return?" field.

  6. Set the response to "Yes" in the "Internet file this return?" field.

  7. Make all the necessary changes required to the return.

  8. Navigate to the "T2 Adjustment Worksheet".

  9. Set the response to "Yes" on line 997 of the "T2 Adjustment Worksheet".

  10. Enter a description on line 996.

Amending a CO17 (QC)

CO17 requests for adjustments can be found on form CO17.R.

The paper form is mailed to the following:

3800, rue de Marly, Québec (Québec) G1X 4A5

Or:

C.P. 3000, succursale Place-Desjardins, Montreal (Québec) H5B 1A4

Amending a AT1 (Alberta)

Alberta Netfile is available for Amended corporate returns.

With the updated T2 2016-2019 module, users can Netfile amended returns for taxation years starting January 1, 2016 and ending on or before the current date.

To Netfile an AT1 return for your client:

  1. Fill out the new Part 3 on AEDI schedule to Netfile amended returns.

  2. Select “Netfile this AT1 return” from the “EFILE” menu when the tax return is ready to undergo Netfile.

Alberta Finance accepts Netfile AT1 amended Corporate Returns starting on December 1, 2018.

Submitting the amended or adjusted return

Select the "Transmit this return..." option from the "EFILE" drop-down menu in the top toolbar:

User-added image

The amended or adjusted return transmits.




Get in touch with other Accountants


Follow us on Twitter and Like us on Facebook