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Very informative! Was always under the impression income splitting is no longer a thing… good to see there’s ways depending on your family / work situation
Great video! Does this apply to corporation business owners who want to split income with family a well? If not, a video on that would be useful. Also, can business owners take both a dividend and salary? Thanks!
Yes this can be applied to corporation business owners but remember there needs to be actual work done and proof of payment, it cannot be just on paper. Business owners can also take both salary and dividend, to their benefit.
In the case of paying dividends to a family member (who is a shareholder), I was under the impression that you can do that without any work being done by the shareholder. Would you say that is correct?
I'm not a professional, but based on my research it used to be possible prior to 2017, but not anymore. Based on the new rules, the shareholder must be actively involved in the business to receive any dividends. All the advice from this video would still apply. Hopefully Cherry can answer this and correct me if i'm wrong.
@@RealEstateTaxTips Actually having a podcast is very useful for people on commutes (driving or public transit) and don't have time during the day to watch content. If it's something interesting but I don't have time, I always save it on my Spotify list to listen to later. Plus, we can easily forward your content to someone else to listen to as well! You'll definitely get more listeners and reach to your youtube channel :) BTW, I really appreciate all your great content, it's so valuable!
Generally that wouldn't work if wife isn't involved in business... but we have very limited information available to make a proper recommendation. Pls check with your own accountant - that person would be the best person to advise you. As always, if you don't have one, feel free to connect with us at admin@cccpa.ca or call us at 416-548-4228
Possible, as long as you have proper documentation. Service contracts can get tricky if the lower income spouse only work for your business. Employee vs. subcontractor is a topic of another day.
After watching and understanding the Canadian tax rules, $200k husbands should divorce the wives and hire them back as babysitters and exc assistants, and get them paid properly, vice versa.
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realestatetaxtips.ca/youtube
Very informative! Was always under the impression income splitting is no longer a thing… good to see there’s ways depending on your family / work situation
Glad it was helpful!
Glad it was helpful!
Great video! Does this apply to corporation business owners who want to split income with family a well? If not, a video on that would be useful. Also, can business owners take both a dividend and salary? Thanks!
Yes this can be applied to corporation business owners but remember there needs to be actual work done and proof of payment, it cannot be just on paper. Business owners can also take both salary and dividend, to their benefit.
In the case of paying dividends to a family member (who is a shareholder), I was under the impression that you can do that without any work being done by the shareholder. Would you say that is correct?
I'm not a professional, but based on my research it used to be possible prior to 2017, but not anymore. Based on the new rules, the shareholder must be actively involved in the business to receive any dividends. All the advice from this video would still apply. Hopefully Cherry can answer this and correct me if i'm wrong.
That is a correct assessment of the situation.
I would love if you can also convert your content to a podcast format!!!!
Didn't think people would want a podcast on boring tax content 🤔
Please have a podcast.
@@RealEstateTaxTips Actually having a podcast is very useful for people on commutes (driving or public transit) and don't have time during the day to watch content. If it's something interesting but I don't have time, I always save it on my Spotify list to listen to later. Plus, we can easily forward your content to someone else to listen to as well! You'll definitely get more listeners and reach to your youtube channel :) BTW, I really appreciate all your great content, it's so valuable!
Thank you for the video. Can be split income between husband and wife if wife receiving disability benefit É (Wife do not involving i the business)
Generally that wouldn't work if wife isn't involved in business... but we have very limited information available to make a proper recommendation. Pls check with your own accountant - that person would be the best person to advise you. As always, if you don't have one, feel free to connect with us at admin@cccpa.ca or call us at 416-548-4228
Thank you for this. Could effective splitting take place via a contract for service instead of an employment contract?
Possible, as long as you have proper documentation. Service contracts can get tricky if the lower income spouse only work for your business. Employee vs. subcontractor is a topic of another day.
I’m located in Hamilton. How can I make arrangements for my wife and I to come see you
Hi, You can reach out to us on realestatetaxtips.ca/contact-us/ Thanks!
After watching and understanding the Canadian tax rules, $200k husbands should divorce the wives and hire them back as babysitters and exc assistants, and get them paid properly, vice versa.
ahahahaha yes, not much *tax* benefit being in marriage