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Canadian Corporation Tax - Category?

SRSltdSRSltd Member Posts: 2

I pay a monthly amount for corporation taxes, how do I categorize this Tax. Also I normally also get a refund on Sales Tax and Corporation tax at the end of the year, how would these refunded payments be categorized, as the are not really profit?

in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @SRSltd , You can create an expense account for this under your Chart of Accounts and categorize it there. In regards to the refunded tax payments, I would recommend reaching out to an accountant on exactly how to record this in Wave as I wouldn't feel comfortable accidentally giving you the wrong information on this.

  • SRSltdSRSltd Member Posts: 2

    Hi @AlexL thanks for your prompt response, I have now created a Corporation Tax expense account and will follow up with my accountant with regards to the refunds.

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