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 that is not part income statement, but was still debited from or credited to those bank accounts, plus difference between last year and this year liabilities. Am I missing anything?... So, if only thing that was not part of income statement - were those tax payments - then how do I reflect them in balance sheet? Or maybe those payments should be instead included in income statement? Or maybe they are already included, and I just don't see them? I know about 2680 taxes payable - but it is "capital taxes, foreign taxes, GST/HST, current income taxes, logging taxes, sales taxes, and tax credits payable". What about installments then? And balance owing from last year that was paid during current year?