Hey! Thanks so much for watching! If you have questions about Retirement, Wealth, or Insurance Planning 💰Book a 30 min Complimentary Consult with Thomas 🕵 www.thomascchan.com/thomas
I make 70k in salary before tax working for a company that I’ve also purchased 10% in shares. I’ve opened up a corp. and put the 10% in dividends in holdings. How do I go about paying myself an extra 30k per year? I have tappings out my cpp contributions the last few years with my personal income.
If i have a full-time job and i run a small business corporation for a side job, is it better for me to salary myself? Since i already hit all the CPP contributions limit with my full time job??
BE AWARE !! CRA does not recognize Dividend Income that a taxpayer received from a company that he works in as a remuneration for work in lieu of Salary. (Please check the tax cases ruled in the tax court during 2022-2023).
Hey Thomas, people need to ensure they have the maximum contribution taken out of their business as employment income. Otherwise it’ll affect their CPP.
Hello! Thanks for your comment. It really depends person to person about CPP. Because certain people can utilize this 7000 and make better return while being liquid able. While some cannot save and therefore having cpp is better than not doing anything!
@@ThomasCChan Yes this is true, however CPP is guaranteed income indexed to inflation until you die. Investments in the markets can tank and take a lot of work. CPP takes no work :) Cheers Rob
Sure, what that's a bit obtuse. If one tax equals the two separate taxes then it is a wash. That's the whole idea of tax integration which may not be perfect but is still meant to make paying dividends about equivalent to paying salary tax wise. I recommend the Moneyscope channel for a deep dive on these issues.
Hey! Thanks so much for watching!
If you have questions about Retirement, Wealth, or Insurance Planning
💰Book a 30 min Complimentary Consult with Thomas 🕵
www.thomascchan.com/thomas
I make 70k in salary before tax working for a company that I’ve also purchased 10% in shares. I’ve opened up a corp. and put the 10% in dividends in holdings. How do I go about paying myself an extra 30k per year? I have tappings out my cpp contributions the last few years with my personal income.
What is the annual tax rate on dividends?
If i have a full-time job and i run a small business corporation for a side job, is it better for me to salary myself? Since i already hit all the CPP contributions limit with my full time job??
Yup! That's one possibility!
very informative. I've subscribed
BE AWARE !! CRA does not recognize Dividend Income that a taxpayer received from a company that he works in as a remuneration for work in lieu of Salary. (Please check the tax cases ruled in the tax court during 2022-2023).
CRA is a f****** b*******
Hey Thomas, people need to ensure they have the maximum contribution taken out of their business as employment income. Otherwise it’ll affect their CPP.
Hello! Thanks for your comment.
It really depends person to person about CPP.
Because certain people can utilize this 7000 and make better return while being liquid able.
While some cannot save and therefore having cpp is better than not doing anything!
@@ThomasCChan Yes this is true, however CPP is guaranteed income indexed to inflation until you die. Investments in the markets can tank and take a lot of work. CPP takes no work :) Cheers Rob
@@WATCHLLS absolutely 🙂
@@WATCHLLS Yes but CPP is way behind the cost of living so you are not getting enough back.
Another great video. Thanks! Just a head's up that the music is once again too loud. I"d bring it down a touch so we can better hear your voice.
Hi mylar. For sure! It's weird when I play it at my computer. The bgm was quiet.
Not sure why it's loud right now 🤣
@@ThomasCChan maybe try putting a limiter on them
@@SilverCuz good idea!
@@ThomasCChan I’ll send the bill in the mail 😜
@@SilverCuz 😜😂
Thank you. Very applicable to me at this time
Glad you like it!
Keep up the good work!
For sure!
Please share it to your friends too!
Great video if you can do video on dividend tax in next one that would be great
How do I get hold of you? I'm here in Vancouver canada and want to start a business.
Do u have office here?
Hi Ronaldo. I am also based in Vancouver as well.
You can have a 30 min chat with me and my team online first.
www.thomascchan.com/thomas
If you receive dividend, is it double taxed ?
Depends on how you view It.
The corp get taxed once.
And the personal get tax once.
Is that once or twice?
@@ThomasCChan once for each! 😂 you get taxed twice once you spend that income in shopping. THAT'S... being taxed twice... 🙄
@@BIGGELATO yeah. And then when you invest with that dividend money. You get taxed again for the profit.
3x taxed.
Sure, what that's a bit obtuse. If one tax equals the two separate taxes then it is a wash. That's the whole idea of tax integration which may not be perfect but is still meant to make paying dividends about equivalent to paying salary tax wise. I recommend the Moneyscope channel for a deep dive on these issues.
The music is too much
Great video🙏
Background music is very loud
and 100% unnecessary!!!
You are my favorite content creator!! #1 YT views provider -> p̲r̲o̲m̲o̲s̲m̲!!