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gsmith98
April 18, 2024
Question

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

  • April 18, 2024
  • 1 reply
  • 0 views
I will do file business income tax separately but I'm not sure how to claim my personal drawings on my personal income taxes.

    1 reply

    TurboTaxSusan
    TurboTaxSusan
    April 18, 2024

    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.

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