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New Member
posted Apr 18, 2024 1:53:11 PM

How do I claim business income from my business? My business is incorporated, I'm not a sole proprietor.

I will do file business income tax separately but I'm not sure how to claim my personal drawings on my personal income taxes.

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1 Replies
Moderator
Apr 18, 2024 2:29:45 PM

Owner draws are only available to owners of sole proprietorships and partnerships. In a corporation, owners can receive compensation by a salary or dividends from ownership shares but not owner draws. So, your incorporated business would have to either have pay you a salary or pay you in dividends, and issue any tax slips that are needed.