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Hello!
I hope you're doing well! I own a corporation and I'm preparing my self employment tax filing (T4A). I was wondering if the contributions, I've made to my company via my personal account a deductible expense on my T4A? Also, I withheld a portion of my company's income to cover federal/provincial taxes that I will have to pay. Is that amount tax deductible for my company?
Thank you!
Hi,
It appears that you are on your company's payroll system. In this case, the company should issue a T4 slip to you, and not a T4A. The company can claim a tax deduction for the gross salary paid, and the employer portion of CPP premiums paid (you are EI exempt).
You cannot claim a personal tax write-off for the employee portion of CPP premiums paid.