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?
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.
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.