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J
Jerry138
Level 1
March 9, 2022
Question

Amount withdrawn from Canadian Controlled Private Corporation

  • March 9, 2022
  • 1 reply
  • 4 views

Hi

One of my clients is running a CCPC and took the profit for the year 2021 by way of withdrawal (Say $ 25000/-)(no dividend is  declared) Where should I enter this withdrawal ($25000/-) while preparing his T1 Return? (I entered this withdrawal in "T2125 under the head Part3A - Business Income"

 

Could anyone help me with your opinion in this regard?

This topic has been closed for replies.

1 reply

J
janisbossenberry
Level 7
March 9, 2022

He either has to declare a dividend and issue a T5 (T5 would be late) or pay a salary and issue a T4 (remittance of tax and CPP would attract penalties at this point, and T4 would be late).  In the "old" days, we used to sometimes call it a management fee and report it on the T2125, but this is not permitted any longer.

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