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My wife and I are 50/50 partners in a corporation and I earn a separate income with a different company. Why did the bulk of our business income go under my name?

My wife and I are 50/50 partners in a corporation. I earn a separate income and she takes dividends from our business. When we filled out the financials. it placed a bulk of the business income under my name.  I did not take any money from our business and am in a higher tax bracket.  Why is the bulk of the income under my name?

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New Member

My wife and I are 50/50 partners in a corporation and I earn a separate income with a different company. Why did the bulk of our business income go under my name?

You have to file a separate corporate income tax return.  You cannot just add it to your personal income tax.  The company is a completely separate entity.

You need to talk to an accountant and discuss what a corporation is and the rights and obligations that come with it. You must also discuss  year end dates, a possible nil filing for the first return, and a multitude of other things.

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New Member

My wife and I are 50/50 partners in a corporation and I earn a separate income with a different company. Why did the bulk of our business income go under my name?

You have to file a separate corporate income tax return.  You cannot just add it to your personal income tax.  The company is a completely separate entity.

You need to talk to an accountant and discuss what a corporation is and the rights and obligations that come with it. You must also discuss  year end dates, a possible nil filing for the first return, and a multitude of other things.

View solution in original post

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