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Falcon

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  1. I paid the balance owing in taxes for previous year and also installments for this year - should it be reflected anywhere in balance sheet or income statement? I know how to enter installments in Ufile T2, but I don't see how they affect both GIFI 100 and GIFI 125 - and not even sure if they should. From common sense, the difference between equity and liabilities at the end of current year and last year - should be equal to net income - which is basically all business related transactions that went thru all bank accounts of the corporation (suppose it does not use cash at all) - plus anything
  2. Falcon

    Schedule 7

    I want to fill out T2SCH7 Calculation of Aggregate Investment Income and Active Business Income, in order to specify the amount entered in line 400. If I understand correctly, this amount can be different from net income - for example, if I want to increase GRIP amount and thereby apply general tax rate and not the small business one. But I cannot figure out how to do it. Thank you,
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