What is the importance of the "gross revenue" and "total assets" located on the information screen of the T2 under filing. Does this get submitted to CRA in any fashion?

Answer

The importance is that these are part of the "Form" prescribed by the "Minsister" as a Return of Income to be filed annually (or on such other occasions as described in The Income Tax Act (The Act)).; as such failure to provide the information could constitute a "failure to file in Prescribed Form", which could lead to penalties for same.

Total Revenues is most often used as one (of two) basis (bases) to allocate taxable income (or M&P income) between provincial/territorial jurisdictions.

Total Assets was (if I recall correctly) previously used in Capital Tax Calculations; in the Ontario calculation I seem to recall an investment allowance that reduced taxable capital by the ratio of allowable investments to total assets multiplied by capital employed.

Also, since total assets and Gross Revenue should appear on Schedules 100 and 125 respectively, and these are basically required forms, then "Yes" they do get submitted.

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