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1MomofCasey
Level 1
December 18, 2020
Question

Personal vs corporation

  • December 18, 2020
  • 1 reply
  • 2 views

My client incorporated during the year.  He received a T4, payable to him, for a large sum of money.  He wants to put the T4 through the corporation rather than his personal tax return.  Is this possible.

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1 reply

D
DCA2
Level 3
December 19, 2020

No.  In a legal sense it would be a gross misrepresentation, as the CRA takes the distinction between employee and contractor quite seriously.  In a practical sense, the company that issued the T4 would have to amend the ROE, delete the T4, void all the paycheques, true up the source deduction remittance, and cut a new cheque to the new corporation.  That would bring in payroll, accounts payable, and most likely a senior financial type.  No payroll department I've ever seen would even entertain it, and the senior finance person would put a stop to it anyway for the first reason I mentioned.

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