Where do I claim money withdrawn from my corporation on my income tax? It’s just a regular owner’s draw for personal use to make a down payment on a home. I am 39 years old and this has nothing to do with a retirement plan.
If you have drawn income from the Corporation, you are required to file a T4. The amount should be added to the T4 for all of the income that you have taken out during the year in the form of a salary or owner’s compensation.
The Corporation is responsible for filing a T4 summary report and the T4 slips to the Canada Revenue Agency.