Hi,
Thanks for this amazing website.
My corporation has sales with no profit, how can I report cash withdraw which was advanced by shareholders please?
Thanks in advance,
how to report cash withdraw from corporation makes no profit
Ask Allan a Tax Question and he will respond to you with an answer to your question within 24 hours!
Hi Ali, if you lent money to your company, and your company is repaying you for the amount it borrowed from you, then the repayment (i.e. cash withdrawal) does not need to be reported on your personal tax return and is not taxable. On the corporate tax return, report the cash-withdrawal as a reduction to the shareholder payable account.
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