Income from Incorporation which form should we report in T1 individual

Can Some One Please Help "income from Incorporation which form we should report in T1 Personal Return? Is it Taxable?What is Tax effect in T1 individual return which he paid in Corporation (client has Incorporation and sole owner)

Answer

Are you asking about the sale of your client's corporation? You'd report those on Schedule 3 for qualified small business corporation shares.

If you're asking about the issuance of shares to the sole shareholder on incorporation of a new company, there is nothing to report. You're going to have to deal with T2 Corporate tax filing for reporting income and expense of the corporation.


I'm not really clear about what your question is about.

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