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The last item on this schedule is 9999, Net income/loss after taxes and Extraordinary items. This means the government expected I also report 8762, Business taxes on the income statement?
How could I know before hand how much tax I need to pay?
I had a bad experience about the taxes. Last time I followed the steps on the T2 and filed it with the schedules. When I got back the accessment, I was shock. The result showed the balance on the T2 was for the provincial government, I still owe the federal government tax. Wow!!!
Line 8762, Business Taxes, on GIFI Schedule 125 relates to fees and charges paid by a business to the government. It does not relate to corporate income taxes. Corporate income taxes are entered on line 9990. You are supposed to make an estimate of the corporate income tax expense for the year and enter this amount on line 9990.