I am self-employed and incorperated as IT consultant, I want to pay myself 20K dividend, do i need to report to CRA before transfering money from my bank accounts?

Hi, thank you for using TurboTax Live Community

Generally CRA requires you to report your income from self employment once a year on your tax return. Financial reporting rules may be different from CRA tax rules. To be sure you are in full compliance check with CRA regarding tax and financial reporting requirements.

Hope this helps.