Assuming the 2 businesses were considered in the approval, you would look at total sales revenue of both which would be $1,350,000 and Code 2. You want to determine the size of the businesses, not how much the owner was paid.
Determining Revenue Code for CRA Reporting
If you have a loan in an individual name, the repayment source is business income or global cash flow, what do you use to determine the Revenue Code for CRA reporting? The cash flow shows his individual wages are $50,000, two businesses are also listed on his cash flow, one shows total sales is $250,000 and the other is $1,100,000. What would the revenue code be?
First published on 11/13/2016