Canadian Income Taxation

The objective of this assignment is for students to prepare a T2 Corporation Income Tax Return.This group assignment should be prepared in self-selected groups of 4 members. Your groupmembers may be enrolled in any section of MGT429.Late submissions will be penalized by 20% if the assignment is not received on the specified date.A further penalty of 20% will be applied to each subsequent date. 
Background 
R2W Technologies Inc. (“R2W”), a Canadian controlled private corporation, was incorporated inCanada on June 1, 2016. The company provides specialized drone technology for the agricultureindustry. In recent years, drones have been widely used to examine and assess crop health andweather-related damage, providing more “real time” data to farmers as they attempt to maximizecrop yields. R2W has a May 31 year-end.The company’s Chief Accountant, Raul Gupta, has engaged you and your partner(s) to prepare the2020 T2 Corporation Income Tax Return for R2W. 
Required 
Complete and submit the following forms by hand (i.e., you may not use a tax preparationsoftware): 
? Form T2 Corporation Income Tax Return (“Form T2”). At line 760 of Form T2, enter 
‘$42,733’ for the provincial or territorial tax. 
? Schedule 1 – Net Income (Loss) For Income Tax Purposes 
? Schedule 8 – Capital Cost Allowance (CCA) 
These forms are available on the course website on Quercus.The Canada Revenue Agency publishes a guide for preparing corporate tax returns (T4012 T2Corporation – Income Tax Guide) which may be accessed through its website at www.cra.gc.ca. You may find this guide to be useful 



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