When preparing a T5 for dividends from scratch, is TaxCycle supposed to calculate the Taxable amount and the Dividend tax credit after I enter the Actual amount of dividends?
thanks
Yes, it should do that for you.
I thought it should but it did not. In additiin, once I entered overrides, the popup note said taxcycle calculated at “0.00”.
Rob
Are they intercorporate dividends?
Yes it is from one corp to a holding corp. Does that make a difference?
yes it does. Corporations do not have a gross up/dividend
Thanks very much!
Do the eligible and non eligible rules still apply?
Rob
There are different rules for corporations than for individuals, but yes - there is a difference between eligible and non-eligible dividends - eligible dividends affect the GRIP pool, as well as the ERDTOH, whereas non-eligible dividends go into NERDTOH.