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What GIFI code is best used for capital dividends paid, or do we use regular dividend code and leave it to CRA to cross reference the amount to the election already filed. Also, is the dividend declared on a T5? No box for CDA dividends found
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GIFI Codes Gifi for Capital Dividends
MultiQuote#2 Guest_snowplowguy_*
Posted 28 February 2011 - 01:02 AM
ProfileCA, on 27 February 2011 - 07:26 PM, said:
What GIFI code is best used for capital dividends paid, or do we use regular dividend code and leave it to CRA to cross reference the amount to the election already filed.
There are only 2 GIFI codes available for dividends, so I would use either 3700 or 3701. I use 3701 for Capital Dividends and have never had any issues or negative repercussions.
Quote
Also, is the dividend declared on a T5? No box for CDA dividends found
No, Capital dividends don't get slipped.
#3
JohnV 
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Posted 07 March 2011 - 01:30 PM
If you've never declared one before, there is a whole series of steps which must have already been done before you got to the tax returns
They require a special declaration in the approved format, which gets sent, along with the right form , to the Kitchener DO.
Once the package is sent off to CRA, you can pay the dividend.
Kitchener may or may not follow up with you.
There is also a CDA form in Profile that you must maintain.
They require a special declaration in the approved format, which gets sent, along with the right form , to the Kitchener DO.
Once the package is sent off to CRA, you can pay the dividend.
Kitchener may or may not follow up with you.
There is also a CDA form in Profile that you must maintain.
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