Form T2 Schedule 558 Ontario Production Services Tax Credit (2020 and Later Tax Years) - Canada

Form T2 Schedule 558 Ontario Production Services Tax Credit is used by businesses in Canada to claim the Ontario Production Services Tax Credit for the tax years of 2020 and beyond. It is a tax credit provided by the province of Ontario to support the film and television production industry.

The Form T2 Schedule 558 Ontario Production Services Tax Credit is filed by corporations in Canada that are eligible for this tax credit.

Form T2 Schedule 558 Ontario Production Services Tax Credit (2020 and Later Tax Years) - Canada - Frequently Asked Questions (FAQ)

Q: What is Form T2 Schedule 558?
A: Form T2 Schedule 558 is a tax form used by Canadian businesses to claim the Ontario Production Services Tax Credit.

Q: What is the Ontario Production Services Tax Credit?
A: The Ontario Production Services Tax Credit is a tax credit provided by the province of Ontario to support the film and television industry.

Q: Who can claim the Ontario Production Services Tax Credit?
A: Canadian corporations that have eligible expenditures related to film or television production in Ontario can claim the tax credit.

Q: What are eligible expenditures for the Ontario Production Services Tax Credit?
A: Eligible expenditures include labor, goods, and services that directly support the production process in Ontario.

Q: What is the purpose of Form T2 Schedule 558?
A: The purpose of Form T2 Schedule 558 is to calculate and claim the Ontario Production Services Tax Credit.

Q: When should Form T2 Schedule 558 be filed?
A: Form T2 Schedule 558 should be filed with the corporation's T2 Corporation Income Tax Return for the respective tax year.

Q: Is the Ontario Production Services Tax Credit refundable?
A: Yes, the Ontario Production Services Tax Credit is refundable, meaning that if the credit exceeds the corporation's tax liability, the excess may be refunded.

Q: Are there any limitations or restrictions on the Ontario Production Services Tax Credit?
A: Yes, there are various limitations and restrictions, including a cap on the amount of eligible expenditures and specific rules regarding eligible productions.

Q: Is the Ontario Production Services Tax Credit available for tax years before 2020?
A: No, Form T2 Schedule 558 is specifically for tax years 2020 and later.