On Thu, Sep 7, 2023 at 4:38 PM John Wiegley <[email protected]> wrote: > > >>>>> "MJ" == Michael Jones <[email protected]> writes: > > MJ> Owner withdrawals - I mean money that I take out of my business each > MJ> month. > > It sounds like an asset transfer, from the company’s assets to your assets, is > that about right? > > IANAA but imo an asset transfer is an expense to one side and income to the other.
The trick is that to the company its a special kind of expense and to the owner its a special kind of income - - - especially true in the way that the tax man sees the transactions. Here I would check in what the gooberment has to say about it. Ignore most of the following (from the Canada Revenue Agency - - - see line 9932. ( Part 9 – Details of equity If you are a partner in a partnership that must file a partnership information return, do not fill in this section. Line 9931 – Total business liabilities A liability is a debt or an obligation of a business. Total business liabilities are the total of all amounts your business owes at the end of its fiscal period. Total business liabilities include: accounts payable notes payable income taxes and taxes payable unpaid salaries, wages and benefits interest payable deferred or unearned revenues loans payable mortgages payable any other outstanding balance related to the business Line 9932 – Drawings in the current year A drawing is any withdrawal of cash (including salaries) or other assets, or services of a business by the proprietor or partners. This includes transactions by the proprietor or partners (or family members), like withdrawing cash for non-business use and using business assets and services for personal use. Include the cost or value of the personal use of business assets or services in your drawings for the year. HTH -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/CAPpdf58bqsQmg-XUMGp9YaA598AtKcywno%3Dh0Sw%3D%2B29E7QVo1Q%40mail.gmail.com.
