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i6661
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If i have 2 different companies , sole proprietorships or corporations under different Business numbers , how to calculate tax on transfered funds from one to the other

How are Funds transfered from one company to another registered and taxed?
1 Reply

If i have 2 different companies , sole proprietorships or corporations under different Business numbers , how to calculate tax on transfered funds from one to the other

Income earned by a sole proprietorship goes to the individual taxpayer and is taxed through their income tax. If then, the individual wants to invest the money in a new sole proprietorship, they can just do so, since it's just the individual using their own money.

 

If you need assistance with TurboTax Business Incorporated or preparing your incorporated business tax return (T2), you can contact the dedicated support team using the chat here: https://public-consumer-chat.app.intuit.com/app/ccs/consumer?experienceId=ttbInc. Agents are available 9:00 am to 6:00 pm EST, Monday to Friday.

 

You can also visit the Intuit Profile support site. TurboTax Business Incorporated is based off Profile software.