This schedule is for any corporation residing in Canada that pays a taxable dividend during the tax year. It allows to determine if an excessive eligible dividends designation has been made by the corporation.
Taxable dividends paid during the year that were included in Schedule 3, Dividends Received, Taxable Dividends Paid, and Part IV Tax Calculation (Jump Code: 3) will be calculated in Schedule 55. We added a line to allow you to indicate the taxable dividends received that are not included in Schedule 3.
Line 150 is calculated based on the information in column P and on line 455 in Part 3 of Schedule 3.
Note that the amount from line 160 of Part 1, which represents the positive balance of the general rate income pool at the end of the year, will not be calculated if the corporation disabled the printing and filing of Schedule 53, General Rate Income Pool (GRIP) Calculation (Jump Code: 53) by selecting the box located at the top of this schedule.