Internet Business Activites
Tuesday, May 27th, 2014
If you have Webpages and Websites that allow the customer to shop and pay for your products or for your services, there’s new reporting for after December 31, 2014 corporate and business year end due dates.
CRA (Canada Revenue Agency) requires you to report your internet sales on NEW Corporate Tax Form Schedule T2-88: “Internet Business Activities” along with your corporation income tax return (T2) for tax years where your filing due date is AFTER December 31, 2014.
Your top five webpages or websites are to be reported to specify the five top income generators.
These webpages or websites that you should include are:
webpages and websites that allow the completing and submitting of an order form, the checking out a shopping cart or similar transactions;
online market place websites where your goods and/or services are sold; and
webpages and websites hosted outside of Canada that generate income.
If your corporation earns income from one or more webpages or websites,
This blog is for information purposes only and its contents cannot be used as a substitute for specific tax case advice from HENDRICKS & ASSOCIATE, CPAs