How does T5 reporting period end
by Abdllah
(Toronto Ontario)
How does T5 reporting period end?
I closed my corporation last month. I had dividends which I received in 2010 (T5).
CRA has sent me a re-assessment adding my T5 dividends to 2009.
I received my dividends earlier this year. What happens when I file 2010 return.
Do I still get file the T5 again as income even though CRA has added it to 2009 income.
Hi Abdullah,
I don't have a lot of experience with the paying of dividends or corporate dissolutions as I deal mainly with sole proprietors ... so I hesitate to say anything about your situation without actually seeing your notices and source documents.
You can always phone CRA and ask them about the re-assessment.
You should also consider speaking with an accountant as closing a corporation can be complex. Tax free distributions may be available on dissolution. Doing it improperly could be costly tax wise. Meeting with an accountant may save you money.