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Mar 20, 2018 1:36 am
Hi,
Thanks for this amazing website.
My corporation has sales with no profit, how can I report cash withdraw which was advanced by shareholders please?
Thanks in advance,
1 Reply
Mar 21, 2018 3:31 pm
Hi Ali, if you lent money to your company, and your company is repaying you for the amount it borrowed from you, then the repayment (i.e. cash withdrawal) does not need to be reported on your personal tax return and is not taxable. On the corporate tax return, report the cash-withdrawal as a reduction to the shareholder payable account.