Just want to confirm I am timing these dates correctly. My client a recently retired business man has a CCPC Holdco, which holds his retirement stock portfolio in. His Corporate year runs April to April. He is just starting to pay himself dividends. He paid himself and his wife a dividend on Dec 1 2023, and plans to pay a larger div. on Mar 1 2024 and a larger again on Sept 1 2024. All three different dollar amounts. I will be issuing a T5 slip for 2023 for the Dec 2023 div. only, for his 2023 T1. On his april 2024 Y.E. T2 Sch 3 and GIFI 100 Div. Declared, I will be entering a total of dividends Dec 2023 & Mar 2024 only, the Sept 2024 dividend will go on his April 2025 T2, and the 2024 T5 will have the Mar2024 and Sept 2024 dividends on for his next years T1. I assume this is correct even though the dividends shown on his personal T1 returns are not even close to matching the dollar amounts on his T2’s because of the difference in fiscal year ends.
Sounds correct to me.
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Yes, that’s the right approach. But If he had decided to pay the 2nd dividend before Feb 29, 2024 then the case would have been different.
Becuase then you have to issue the T5 based on the amounts of Dec, 01 2023 Plus pre Jan 29, 2024 amount.
No different than salary paid (taxable to calendar year for individual) is different from salary reported in corporation with an off-calendar year year end.