Tax advice - compensation for help!
I want to start out by saying that I am more than happy to compensate anyone who is able to help me out in this situation.
Ill keep it short and if someone has advice, I can get into more details.
My prior brokerage paid my corporation and everything was real standard. When I made the switch to Re/Max I was collecting cheques and depositing them myself into my corporation. The idiot in me didnt think anything of the cheques saying my name on them as it was going straight into the corporation.
Ffwd to a few days ago when I am emailed a T4A showing personal income.
I figured it would be a easy fix but apparently not. My accountant had me inquire on amending the T4A and changing the SIN to my Business number however my brokerages accountant refuses to do so.
Without that change my accountant has told me that the CRA will come knocking on the door for personal income tax on that amount on top of the Corporate tax that I have claimed as business income. Essentially paying tax twice/three times on the exact same amount. I say three times because I pay tax on depositing into the business, then pay tax on paying myself from the business and then paying it again as if it never went into the corporation.
.... Despite being able to prove that the cheques made out to me were 100% deposited into the corporation it sounds as if I am out of luck.
Any advice would be greatly appreciated on getting out of this expensive error. I know the oversight by me not questioning the cheques in my name was the big mistake however it was one of those things where I would barely look at the cheques and hand them over to the teller.
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