Question
Ellis Developments Ltd. Emily Ellis, the president of Ellis Developments Ltd. has requested your assistance in filling out the T5s and T5 Summary for her
Ellis Developments Ltd.
Emily Ellis, the president of Ellis Developments Ltd. has requested your assistance in
filling out the T5s and T5 Summary for her corporation this year (2020). The
bookkeeper that normally fills them out each year is on a cruise and is not available.
Ellis Development Ltd.'s business number is 88888 8881 and their address is 1300
Vancouver St. Victoria BC V8W 1W4.
Emily knows that she paid dividends to both herself and her partner Richmond Reid
dividends during the year. She has made a list of the payments and provided it below.
She has indicated to you that the payments with an asterisk (*) are related to payments
that her accountant mentioned were from the eligible dividend account. All other
payments are non-eligible dividends. Emily doesn't understand what that means, but is
sure that you can figure it out as you have taken a tax course at Camosun College.
Emily Richmond
Jan
950
475
Feb
950
475
Mar
950
475
Apr
950
475
May
950
475
Jun
15,000
*
7,500
*
Jul
1,100
550
Aug
1,100
550
Sep
1,100
550
Oct
1,100
550
Nov
1,100
550
Dec
5,000
2,500
In addition to the dividend payments, Emily loaned the company $160,000 on January
21 of this year. The loan is interest bearing at 3%. The company did not make any
principal payments on the loan during the year, but did pay Emily the appropriate
interest on December 31.
T5 Project ACCT 240 W2021
When asked, Emily gave you her SIN as 444 555 668 and Richmond's is 287 654 321.
Emily and Richmond both live at 200 Feltham Road, Victoria BC V8V 0X5.
Use your own name for the contact person with a telephone number of 250-555-1212.
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