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Tax Centre Overview

4 min

The Tax Centre is the hub for tax-related reporting in Addsworth Accounting. It builds GST/HST reports from your posted journal entries and Chart of Accounts configuration, and it holds the tax schedules and records of the company type.

Who is this for?

Canadian business owners, bookkeepers, and accountants who need to prepare and review tax filings.

Navigating to the Tax Centre

Open Tax Centre in the sidebar. The Tax Centre lists the available tax reports for the active company. On an iPhone, open the Taxes tab. It shows the latest GST/HST report and the schedules of the company type.

Available Reports

The rows that show depend on the company's business type and province. A row that opens a form or sheet for editing is on the Mac; a companion shows Record the Quick Method election on your Mac. or Edit the T2125 profile on your Mac. in its place.

Row Purpose
GST/HST Report (Form GST34) Build a GST/HST report for a fiscal period, with the figures for each line of CRA Form GST34: collected tax, ITCs, and net tax. See GST/HST Tracking & Reporting.
Saved GST/HST Reports List the reports you saved, each period once at its current version. Open one to see its versions, record its filing, generate its clearing journal and record its payment. See Saved GST/HST Reports & Filing Workflow.
Manage Sales Tax Jurisdictions Mac only. View the provinces and territories, their rates and their tax codes. See Sales Tax Rate History and Add Rate Change.
Quick Method Election (RC4058) Mac only. Elect, end or revoke the Quick Method, and read its history. See GST/HST Quick Method (RC4058).
Provincial Sales Tax Summary View provincial PST/RST/QST collected and paid for GST+PST jurisdictions (BC, MB, SK, QC). Only appears when the company's jurisdiction charges separate provincial tax. See Provincial Sales Tax.
Shareholders Corporations only. Keep the shareholder records that T2 Schedule 50 reports. See Shareholders & Directors.
T2 Schedule 100/125 (GIFI Summary) Corporations only. Summarize all GIFI-mapped GL account balances by CRA GIFI groupings for Schedule 100 (Balance Sheet) and Schedule 125 (Income Statement). See T2 Schedule 100/125 (GIFI Summary).
T2 Schedule 50 (Shareholder Information) Corporations only. The row shows for a private corporation, or while the type of corporation is not set. When it is not set, a note asks you to set it in Company. Report each shareholder who holds 10 percent or more of a share class. See T2 Schedule 50 (Shareholder Information).
Export Corporate Year-End Package Corporations only. Write the T2 schedules and records of the latest fiscal year to one ZIP file. See below.
T2125 Business Income Statement Prepare CRA Form T2125. Net income flows to T1 Line 13500/13700/13900. See T2125 Statement of Business or Professional Activities.
T2125 Profile (Identification) Mac only. Enter the identification that T2125 prints, such as the Proprietor's Name. See T2125 Statement of Business or Professional Activities.

Where a row needs a fiscal year and the company has none, the row is dimmed. Create a fiscal year in Settings → Manage Fiscal Periods.

A partnership that must file a T5013 partnership information return sees a T5013 Filing Notice in place of the T2125 rows: more than $2 million in revenues plus expenses, more than $5 million in assets, or a corporate partner (Guide T4068, Chapter 1). Addsworth Accounting does not prepare the T5013.

Exporting the Corporate Year-End Package

For a corporation, Export Corporate Year-End Package writes one ZIP file for the company's latest fiscal year. The button reads Exporting... while it works, and it is dimmed until the company has a fiscal year. The ZIP holds these CSV files:

  • schedule_50_shareholder_information.csv: T2 Schedule 50. It is in the package only for a corporation that files Schedule 50.
  • schedule_100_balance_sheet.csv: T2 Schedule 100.
  • schedule_125_income_statement.csv: T2 Schedule 125.
  • period_audit_log.csv: the fiscal period status changes.
  • chart_of_accounts_gifi_mapping.csv: the GIFI code of each account.

Hand the package to your accountant, or keep it with the year's records.

Generating a Tax Report

  1. Open the Tax Centre.
  2. Select the report you want to generate.
  3. Choose a Fiscal Year. The selector shows when the company has more than one. A GST/HST report also asks for a period.
  4. Review the generated summary on screen.
  5. Export to CSV or save the report for your records.

Tip: Run financial reports (Balance Sheet, Income Statement) before generating tax schedules. Cross-checking totals catches discrepancies before they reach your tax filing.

Prerequisites

  • All journal entries for the reporting period posted (not draft).
  • A tax jurisdiction configured for the active company (for GST/HST).
  • Fiscal years and periods set up under Settings → Manage Fiscal Periods.

What's Next

This guide in the app

Open Help from the Help button in the toolbar of Addsworth Accounting, or of Addsworth Companion on an iPhone or iPad, and search for “Tax Centre Overview”.