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adamousacom, CPA, PFS, QFP, CGMA
Category: Canada Tax
Satisfied Customers: 2884
Experience:  CPA, Dual Citizen US and canada
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I am using Future tax and want to input the amount of dividends

Customer Question

I am using Future tax and want to input the amount of dividends paid to myself as owner/shareholder in the Balance Sheet Information section. Should I show it as "Cash Dividends" under "Retained earnings" or "Dividends Declared". Secondly my Net Income is 21015 can I show Dividends paid as 24673 or does it need to be less than Income for the year? Last year was my first year and I showed -17601 as retained earnings supposedly to represent Dividend paid to my self so I am subtracting that from 24673 and showing -13681 as Retained earnings start. Is this correct or how should I do it?
Submitted: 1 year ago.
Category: Canada Tax
Expert:  adamousacom replied 1 year ago.
That depends on ownership. I'll offer you a call.
Expert:  adamousacom replied 1 year ago.
Here is the ioffer