topic Re: Payout to business partner in Self-employed

Payout to business partner

hardjenn19 — Mon, 21 Jul 2025 17:12:14 GMT

I use to have a partnership and now I am a sole proprietor. I have bought out my partner . Where do I enter the money I paid to dissolve the partnership?

Re: Payout to business partner

TurboTax_Susan — Mon, 21 Jul 2025 17:32:12 GMT

I would recommend contacting the Canada Revenue Agency (CRA) and confirm it with them where you need to put this expense.

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency

Re: Payout to business partner

hardjenn19 — Mon, 21 Jul 2025 23:53:43 GMT

Its impossible to get through to anyone to ask a question. I have tried every number and that number you gave is for individual not business.

That is why i asked here to see if anyone knew

Re: Payout to business partner

TurboTax_Susan — Tue, 22 Jul 2025 14:06:58 GMT

If you can't get a hold of the CRA, then I would recommend talking to a Tax Expert, either here at TurboTax or elsewhere. We can't provide Tax Advice here, and can't vouch for the qualifications of other users who aren't TurboTax Canada employees.