Ask Allan Forum

Get expert answers to your tax questions straight from Allan, our owner and experienced CPA. It’s free, direct, and designed to help you make the best decisions when it comes to your taxes.

A gift is given to ...
 
Notifications
Clear all

A gift is given to small business

2 Posts
2 Users
0 Reactions
1 Views
Posts: 0
(@Anonymous)
Joined: 1 second ago
[#429]

Hi Allan,
I got a gift ( 500 dollar cheque written to my business account by the customer at Christmas ) how I record this amount when I file my T2 tax this year thank you


1 Reply
Posts: 663
(@dexter)
Joined: 3 months ago

Record the amount received as other income on the financial statement and T2 return.


Reply
Share: