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Whether you’re self-employed or you own a small business, there are many nuances to how you can pay yourself from your business. Our episode today hones in on how we pay ourselves personally from a corporation (along with other key employees, including spouses) and the many intricacies you need to understand when making decisions about this process. While today’s episode may be our most complex and ambitious one to date, we hope it will serve as a useful resource for helping you get the most out of your business. Tuning in, you’ll learn about the benefits and drawbacks of paying yourself with a salary versus dividends, how to optimize your meetings with accountants and financial planners, and much more. We get into key topics such as employee insurance (EI) in different contexts, the benefits of the Canada Pension Plan (CPP), why you need to put together an income smoothing plan, and how to use shareholder loans without consequential missteps. The final portion of our show is dedicated to income splitting, the best ways to go about it, and how to make sure you adhere to Canadian Revenue Agency (CRA) requirements. Today’s episode covers a lot of ground and serves as a useful reference for listeners to return to. Join us today for this expansive conversation and arm yourself with the knowledge you need to get the most out of your corporation!

Timestamps:

0:00:00 Intro
0:02:48 Preamble
0:06:22 Taxation of Active Business Income
0:06:33 Business Income & Tax Integration
0:09:15 Business Expenses
0:10:36 Deductible Expenses
0:12:48 Taxable Benefits
0:20:48 Gifts, Awards, & Rewards
0:21:55 How Net Active Income Is Taxed
0:23:33 Flow Through As Dividends
0:25:05 Regular or Non-Eligible Dividends
0:28:33 How People Get Confused About Dividends As Better Than Salary
0:38:23 General Corporate Tax & Eligible Dividends
0:39:00 GRIP
0:43:01 Tax Integration Varies By Province & Tax Bracket
0:51:06 Broken Dividend Tax Integration
0:51:48 Saskatchewan
0:53:38 Ontario & New Brunswick
1:00:38 Quebec
1:02:09 Paying Salary
1:02:43 Reasonableness of Salary
1:05:27 Payroll Taxes
1:08:18 EI Opt-in
1:13:18 CPP
1:17:05 Canada Employment Tax Credit
1:19:02 Tax-Sheltered Investing Benefits of Taking a Salary: RRSP, IPP
1:26:10 Income Smoothing
1:29:18 Fluctuating Income
1:30:57 Smoothing Income For Planned Consumption
1:37:16 Shareholder Loans
1:38:42 Using the Capital Dividend Account
1:46:35 Income Splitting With Salary and/or Dividends
1:48:18 Paying a Spouse or Family Member Salary
1:52:12 Dividend Splitting
1:59:05 Debrief

Links from today's episode:

Dr. Mark Soth’s Calculators — https://www.looniedoctor.ca/canadian-...
Dr. Mark Soth (The Loonie Doctor) — https://www.looniedoctor.ca/
Dr. Mark on X —   / looniedoctor  
Benjamin Felix — https://www.pwlcapital.com/author/ben...
Benjamin on X —   / benjaminwfelix  
Benjamin on LinkedIn —   / benjaminwfelix  
CRA Interpret Bulletins - https://www.canada.ca/en/revenue-agen...