Sage 50 Canada

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T5

Posted By GRCochrane over 8 years ago

I have 2 different accountants preparing T5s differently for clearing out Shareholder withdrawals from the company.
Anyone able to explain the difference between Box 10 and Box 24 as I have not been able to get a straight answer.

Thank you in advance.

0 Richard S. Ridings over 8 years ago

You might want to start here

www.cra-arc.gc.ca/.../menu-eng.html

I'm not a tax expert and this is a tax question.
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0 RandyW over 8 years ago

Dividends from certain Canadian corporations are eligible for the Dividend Tax Credit. Box 24 is Eligible dividends after 2005, Box 10 is dividends that are not eligible.

Most likely the dividends were different, but you would have to ask the preparer.
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0 C White over 8 years ago in reply to RandyW

As a bookkeeper, you will treat box 24 and box 10 exactly the same. Both are the actual amount of the dividend paid to the shareholder. The 2 different boxes on the T5 exist because there are 2 different possible tax treatments for the dividend in the shareholder's hands, but that doesn't matter at all for the bookkeeping.
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0 GRCochrane over 8 years ago in reply to C White

Thank you
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