How do I keep track of owner's draws and cash contributions?

Use our year-end calculation spreadsheet.

The year-end calculation spreadsheet has a tab to track the owner’s draws and cash contributions. If you’re taking dividends, this is a good place to track the draws of each shareholder during the year, as well as capture any shareholder cash injections during the year.

If you’re unsure whether you want to take dividends or wages, use the spreadsheet to track all your draws, and then we will have that conversation in the weeks leading up to your year-end. 

You can take an annual wage (or a once-a-year bonus), and claim it as a wage — you just need to make a CPP payment by the 15th of the month following your year-end. For example, if your year-end is September 30, make that CPP payment by October 15. 

If you’d like to do monthly or quarterly payroll, reach out and we can help get you set up.