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Nov 27, 2018 3:33 pm
As a sole director of my corporation, can I report my salary as an operating expense and if I do so
then do I have to report my salary amount as an income on my personal return even though I am not
showing any profit on my corporate return?
1 Reply
Nov 27, 2018 3:37 pm
Yes, you can have your company pay you a salary and your company can claim a tax write-off for the salary paid. You must include the salary you received in your personal income.
Note: payroll taxes must be deducted by your company from salary payments made to you.