Hi Allan
I saw couple of your videos they are very helpful and excellent. Would you please let me know how to calculate grip and carry forward for the next year.
Thanks
Raihan
General rate income Pool (GRIP)
Generally speaking, the GRIP balance is calculated on a yearly basis when filing a company’s corporate tax return. The GRIP balance in the year is equal to:
+ Opening GRIP Balance in the Year
+ Active business income in excess of $500,000 in the year
+ Eligible dividends received in the year
– Eligible dividends paid in the year
If you are using a corporate tax return preparation software, then that software will calculate the GRIP balance for you, providing you input the correct amounts.
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