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posted Oct 31, 2019 6:24:59 AM

What is box/code 2780 supposed to represent on Schedule 100 'Balance Sheet Information'?

What is box/code 2780 supposed to represent on Schedule 100, Balance Sheet Information?  In looking at what my accountant inputted last year, I'm not sure how the figure was derived.  Thanks.

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Level 6
Oct 31, 2019 6:25:01 AM

Thank you for using Intuit TurboTax AnswerXchange

All the codes on schedules 100 and 125 are those supplied by the Canada Revenue Agency(CRA). There is a CRA guide with these codes:

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/completing-your-corporation-income-tax-t2-return/general-index-financial-information-gifi.html

The section for this code says:"  current amounts due to shareholder(s)/director(s), such as advances, loans, or notes "

So this seems to represent an amount such as a loan from the shareholder/ director to the corporation

Hope this helps