Corporation income tax payment

cazzi24

Hi, how do I categorize a corporation income tax payment to CRA in my transactions?

Thanks

JordanD

@cazzi24 The best way to categorize an income tax payments would be to create an expense account in your Chart of Accounts for these sorts of payments. As it will typically be an expense that does not increase in amount over the year (like a liability would), an income tax payment would be considered the same as a one time operating expense.