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Falcon

Schedule 7

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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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Hi Falcon,

Schedule 7 is used to calculate refundable portion of Part I tax, aggregate investment income and income from an active business carried on in Canada for the small business deduction.

To generate Schedule 7 in UFile T2, please follow the steps below:

1.In the left section of your screen click on the section "Income source".

2.In the drop down menu select "Other property income" and enter the information concerning the income from other property on the right hand side of the screen.

Schedule 7 will then be available on the Tax return tab in the client copy.  

Note: Only section 1 and 5 of Schedule 7 will be completed by the software.

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