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How should I record Dividend Payments from my business to myself (in Canada)? (T5)

JagSinghJagSingh Member Posts: 1

Any recommendations for how I should record Dividend payments from my business to myself? Can I simply set myself up as a Vendor and transfer funds from the business account to my personal account and record the transaction in Wave accordingly or is there a better accounting method to record this transaction?

Does Wave have the ability to produce a T5 slip/statement for Dividends paid out for the year?

edited September 19, 2021 in Using Wave

Comments

  • remotebooksremotebooks Member Posts: 10

    Create a "Dividends Paid" equity account and post all payments to yourself there. When it's year end and you want to create a report for how much you've paid yourself in dividends, go to your General Ledger and create a filter for the Dividends Paid account. You should be able to export these transactions in .CSV or .PDF format.

    Happy number crunching!

    Sam - RemoteBooks
    hello@remotebooks.co

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