Do I have to issue myself a T5 Slip if I took dividends from my company?
Allan Madan, CA
Question:
If I am the sole shareholder and I receive dividends from my corporation, would I be required to prepare a T5 slip?
Answer:
Absolutely yes! A T5 slip is required to report the dividends paid to you in the calendar year.
If your company has a year-end other than December 31, you would still report the dividends paid to you in the calendar year. For example, assume that your company’s year-end is June 30th, 2012. You received $25,000 of dividends on June 25th and another $25,000 on July 31st, 2012. The total amount you would include on your 2012 T5 Slip is $50,000.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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