Form 1487 Total Deductions Allowed by Ontario - Corporations Tax - Ontario, Canada

Form 1487 Total Deductions Allowed by Ontario - Corporations Tax is used by corporations in Ontario, Canada to report the deductions that they are eligible for on their tax returns.

The corporation itself files the Form 1487 Total Deductions Allowed by Ontario - Corporations Tax in Ontario, Canada.

FAQ

Q: What is Form 1487?
A: Form 1487 is used to calculate the total deductions allowed for corporations under Ontario's Corporations Tax.

Q: Who needs to fill out Form 1487?
A: Corporations in Ontario who are subject to Corporations Tax need to fill out Form 1487.

Q: What is the purpose of Form 1487?
A: The purpose of Form 1487 is to determine the total deductions that corporations are allowed to claim under Ontario's Corporations Tax.

Q: How is Form 1487 used?
A: Form 1487 is used to calculate the total deductions that corporations can claim on their Ontario Corporations Tax return.

Q: What deductions are allowed by Form 1487?
A: Form 1487 allows for various deductions, including business expenses, capital cost allowances, investment tax credits, and other specific deductions.

Q: Are there any restrictions on the deductions allowed by Form 1487?
A: Yes, there may be certain restrictions and limitations on the deductions allowed by Form 1487. It is important to consult the instructions and guidelines provided with the form or seek professional advice.

Q: When is Form 1487 due?
A: The due date for filing Form 1487 varies depending on the corporation's fiscal year-end and other factors. It is generally due within six months after the end of the tax year.

Q: Is Form 1487 applicable only for Ontario corporations?
A: Yes, Form 1487 is specifically for corporations subject to Corporations Tax in the province of Ontario, Canada.

Q: Do I need to file Form 1487 if I am not a corporation?
A: No, Form 1487 is only applicable to corporations subject to Corporations Tax in Ontario. If you are not a corporation or not subject to Corporations Tax, this form is not required for you.