T2: RAC Details taxable capital information not showing up on S33.

I have 10 different companies listed on the RAC Details. I have an amount listed under "Taxable capital employed in Canada to determine its Large Corporations status" for each company. The amount of all companies is over 10 million. The amounts entered into the RAC Details is not carrying over to S33, therefore Part 5 of S33 is not giving an excess amount for taxable capital. How do I fix this so the amounts shown on the RAC Details end up on S33?

Answer

Hi, thank you for using Intuit Profile Community

Looks like schedule 33 only reflects entries for the filing corporation. The entry you made should have moved the Do you wish to file schedule 33 from No to Yes, so it will be filed to CRA, see screenshot 33.PNG..

Notice to reduce the SBD for the current filing there is another row to complete in RACDetails. See the $60,000,000 entry on the attached rcd.PNG. The $60,000,000 entry will cause a reduction in the small business deduction (SBD), on the T2 jacket, the $30,000,000 entry does not.

Hope this helps

 

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