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.