2024 Windows Desktop download

[Kron8]

Which of your personal tax packages do I need if I want to withdraw personal income from my corporation in the form of a management fee?

[TurboTaxSusan]

@Kron8 Are you issuing yourself a T-slip for these management fees?

[Kron8]

Hi, I do not know, what are the pros and cons if you have a net loss? My previous accountant suggested a management fee rather than salary or dividends. The corporation owns my investments, which have a capital loss that will offset future capital gains. Thanks

[TurboTaxSusan]

@Kron8 

I'm not a tax expert, so I wouldn't be able to advise you of what the best way for you to pay yourself from your corporation.

But if you are using TurboTax Online, the fee is based on what you enter, and if you have no slip for your income, you might need to enter it as Self-Employed income.

If you are using TurboTax Desktop, all versions have the same tax forms, but offer different levels of guidance. So, if you are not familiar with tax forms, you might need a higher version - like Home & Business for Self-Employed income.