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Is it an allowable expense if corporation’s owners dispose-off non-current assets to CAD 100,000, transferring the proceeds value in paid-in-capital account and then declaring the annual dividend from paid-in-capital account of the same amount? Is there any limit of the allowable expense or we can just use all amount as allowable expense?

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Yes, you can take all amount as allowable expense and as per CRA, there is no limit for the annual dividend declaration.

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