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Written by: Tara Hauck, CPA, CA
As a business owner, you may find yourself asking the question, “Now that my business has all this income, how do I get my money out?”
There are a number of ways to do this, but the main two strategies are to:
In Canada, our tax integration is nearly perfect, meaning there is very little overall tax difference between salary and dividends; however, there are still many other factors to consider.
Here are some things to contemplate when determining which strategy is best for you.
As you can see, even a simple question can turn into a complicated analysis (which is really only fun for accountants).
Tara Hauck, CPA, CA is a Tax Manager and member of Manning Elliott's tax team. She advises our individual and corporate clients on a wide range of tax planning and tax compliance matters. To contact Tara, feel free to call her at 604-714-3674 or email her at firstname.lastname@example.org
The above content is believed to be accurate as of the date of posting. Tax laws are complex and are subject to frequent changes. Professional advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.