I need to file T1 form, but at the same time I need to file T2 form cause I have a corporation, so what should I put information in T1 form? Employed, not Employed,.....?

Forum|Forum|2 years ago
February 18, 2024
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Should I report the income of the corporation, but I should do this in T2 form, I am confused about T1 form this yead due to corporation tax filing with T2

TurboTaxSusan

You would not put information about your corporation in your personal tax return. You only have to report the income that the corporation paid you.

omar-1902Author

Hi, Susan, thanks for your reply.

But the corporation is mine and it is 1 year old so and I don't have a salary to be paid from the corporation, whatever profits and expenses are going in my bank account and there are no partners with me

TurboTaxSusan

In a corporation, owners can receive compensation by a salary or dividends from ownership shares but not owner draws (which can only be done by sole-proprietors or partnerships). So you would need to talk to your accountant about whether a salary or dividends is best for you, and how to issue yourself a tax slip.