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MODULE 3,[object Object],Owner-manager Compensation,[object Object]
QUESTIONS,[object Object],How am I going to pay myself?,[object Object],How can I pay the least amount of taxes?,[object Object],Are there any other benefits that I am entitled to being self-employed?,[object Object],Is there a way I can split income with family members to save tax?,[object Object]
Paying yourself,[object Object],Least Taxes,[object Object],Benefits,[object Object]
PROPRIETORSHIP,[object Object],Paying yourself is a simple task: just write yourself a cheque or withdraw cash,[object Object],You are paying tax on your “net income” so drawings have no other implications,[object Object],You and your business are not separate entities,[object Object],If you are making more profit than you need to live, consider incorporation,[object Object]
PARTNERSHIP,[object Object],Similar to proprietorship,[object Object],Will need to keep track of a partnership capital account,[object Object],Capital – How much is available to each partner,[object Object],Contributions + Net income – drawings,[object Object],Should never be in a negative balance,[object Object]
CORPORATION,[object Object],Separate entity - tax planning necessary,[object Object],Ability to defer taxes,[object Object],Tax savings down the road possible,[object Object],Planning tools and compensation methods not available to proprietors,[object Object],Everyone is different so there is no catch-all method ,[object Object]
MAIN COMPENSATION METHODS,[object Object],Pay yourself a salary (payroll),[object Object],Declare dividends,[object Object],Draws from the corporation,[object Object],No right or wrong answer,[object Object],Will depend on your particular situation,[object Object],Tax implications are different in all three situations,[object Object]
SALARIES & WAGES,[object Object],You’ll be setup on a company payroll,[object Object],It’s like working for someone else,[object Object],Consider the following factors:,[object Object],your personal living expenses,[object Object],the amount of money that you draw from the corporation,[object Object],your personal tax and investment situation,[object Object],the overall tax planning strategy applicable to your situation,[object Object]
SALARIES & WAGES (Con’t),[object Object],OBJECTIVE,[object Object],Keep any money you don’t need for your personal living expenses in the company,[object Object],Taxed at a lower tax rate (15 - 18%),[object Object],Withdraw in the future at potentially a lower rate of tax,[object Object],Save taxes in the long run,[object Object]
DIVIDENDS,[object Object],Dividends are different from salary,[object Object],Paid out of the after tax profits of the corporation, whereas salaries are paid out before corporate taxes,[object Object],Not a deduction for tax purposes,[object Object],Salaries are deductible expenses,[object Object]
BORROWING OR DRAWING,[object Object],Not really a form of compensation,[object Object],Borrowing will entail paying the money back or taking the amount into income,[object Object],Usually an option upon incorporation when assets transferred into the company,[object Object],Repaying back to owners what was originally invested in the corporation,[object Object]
LOGISTICS - SALARY,[object Object],Determine what to pay yourself,[object Object],Open a CRA payroll account under your business number (RP account),[object Object],Determine the deductions (CPP, EI & tax),[object Object],Write yourself a paycheque for the net amount,[object Object],On the 15th of the following month, remit your payroll deductions to CRA,[object Object]
TAX IMPLICATIONS - SALARY,[object Object],File a T4 slip and T4 Summary with the CRA by the last day of February each year,[object Object],Your T4 slip will be reported on your annual personal income tax return,[object Object],Salaries are eligible for RRSP contribution room (18% of prior year salary),[object Object],Corporation will deduct salary paid plus its portion of the CPP and EI expenses,[object Object]
LOGISTICS – DIVIDENDS,[object Object],There are no tax remittances for dividends,[object Object],Can write yourself a cheque from the company whenever funds needed,[object Object],Your accountant will declare dividends and issue a T5 from your company,[object Object]
TAX IMPLICATIONS – DIVIDENDS,[object Object],Declare dividends on your personal taxes as per your T5 (gross-up and DTC),[object Object],Dividends are not deductible as an expense to the corporation,[object Object],Paid out of after tax profits of corporation,[object Object],Investment income to you, therefore not eligible for RRSP contribution room,[object Object]
TAX IMPLICATIONS – LOANS,[object Object],Imputed interest benefit – a taxable benefit for use of company’s money,[object Object],Must declare the amount withdrawn as income if it is not paid back,[object Object],Must be paid by the end of the following fiscal year,[object Object],Can’t be a series of loans and repayments,[object Object]
YOUR OBJECTIVES,[object Object],Do you want to be collecting Canada Pension Plan benefits when you retire?  Are you willing to pay the premiums (both employee and employer) to achieve this?,[object Object],Yes I want benefits  –  Salary,[object Object],No, I don’t care about CPP  -  Dividend,[object Object],Do you want to contribute to a Registered Retirement Savings Plan as part of your retirement plan?,[object Object],Yes, I want RRSP’s  - Salary,[object Object],No, I don’t care about RRSP’s – Dividends,[object Object]
PAYING FAMILY MEMBERS,[object Object],Reasonable for the work they are doing,[object Object],What would you pay an unrelated person to do the same work?,[object Object],Tax savings could be substantial if done properly,[object Object]
PAYING FAMILY - LOGISTICS,[object Object],Put family member on payroll and pay them frequently,[object Object],Same as any other employee,[object Object],Make sure they are actually paid and deposit cheques into their own account,[object Object],Properly document hours being worked and ensure pay is reasonable,[object Object]
FUNDING CHILD’S EDUCATION,[object Object],Lend money necessary for tuition and other costs and expenses,[object Object],Include the loan in your child’s income for that year.,[object Object],Once the student graduates, have him/her repay the loan back to the corporation as they begin to earn money. ,[object Object],When they do pay back the loan, deduct the amount of the loan on his/her personal income tax return.,[object Object]
ISSUING SHARES TO FAMILY,[object Object],Important to setup the corporation right from the start,[object Object],Issue different classes of shares to family members and partners/shareholders,[object Object],Mr. Smith: 	Class A shares,[object Object],Mrs. Smith:	Class B shares,[object Object]
ISSUING SHARES (Con’t),[object Object],Reasons for issuing shares:,[object Object],Attracting investors into business,[object Object],Succession planning,[object Object],Rewarding or motivating key employees,[object Object],Income splitting,[object Object]
PAYING DIVIDENDS,[object Object],Distributing profit to the shareholders,[object Object],No need to worry about family members actually working in business,[object Object],Lucrative especially if no other sources of personal income,[object Object],Separate classes provide much greater flexibility to split income,[object Object]
SELLING YOUR BUSINESS,[object Object],Capital gains exemption if you qualify,[object Object],Up to $750,000 of capital gains per shareholder ,[object Object],Qualify?,[object Object],No investment assets in company,[object Object],All assets (90%) used in active business,[object Object],Owned by a Canadian resident or someone related to them,[object Object]
PRIVATE HEALTH SERVICE PLAN,[object Object],PHSP converts health, medical and dental expenses into fully deductible business expenses,[object Object],Company owned – covers owners, employees and their family members,[object Object],Low costs to maintain – 10% of medical claim instead of a monthly premium that must be paid regardless,[object Object]
PHSP (Con’t),[object Object],No monthly premiums or deductibles – Not an insurance plan, therefore no monthly premiums,[object Object],No medical qualifying – Medical histories of those covered are not a consideration,[object Object],Stand alone or supplement existing plan – Can keep existing plan and supplement or top-up those expenses not covered under existing plans,[object Object]
EMPLOYEE PROFIT SHARING PLAN,[object Object],Problem facing the Canada Pension Plan,[object Object],The CPP is a pay-as-you-go system. Every time CPP is withheld and remitting from pay cheques, they go immediately to funding current retired Canadians,[object Object],There are currently 5 Canadians working for every 2 that are retired. ,[object Object],In 25 years due to the aging population, there will only be 2 Canadians working for every 1 retiree,[object Object],Thus, CPP premiums will either have to increase or pensions will have to be clawed back or decreased,[object Object],You may find that if you are relying on the gov’t to fund your pension, it may not be there,[object Object]
EPSP BENEFITS,[object Object],Defer personal income taxes – with a September 30 year end, payments do not have to be made until January of the following year. The income does not have to be reported until the following April 30 (a 19 month deferral),[object Object],RRSP eligible – All income paid out under the EPSP is considered “earned income” under the ITA and eligible in determining the RRSP limit,[object Object],Income splitting – The payments distributed through an EPSP are not subject to the same reasonability test as salaries. Therefore ideal for income splitting,[object Object],Estate planning – you decide your beneficiaries instead of CPP pension reduced to 60% for spouse,[object Object]
IPP ADVANTAGES,[object Object],Greater deductions – Owner able to make annual tax-sheltered contributions that are greater than those permitted by an RRSP,[object Object],Creditor proof - IPPs are creditor proof unlike RRSPs in which the creditor proofing has recently been cast in doubt by the courts,[object Object],Deductible contributions – all of the contributions made to the IPP are deductible expenses to the Corp,[object Object],Surpluses revert to spouse or estate – Unlike other pension plans, when the member dies the assets revert to the spouse or member’s estate,[object Object]
IPP DISADVANTAGES,[object Object],Locking-in – plan assets cannot be de-registered as assets must be used to provide a lifetime retirement pension,[object Object],Spousal RRSP – an equivalent to spousal RRSPs is not permitted under an IPP. However, the spouse can be enrolled in the IPP,[object Object],Contributions are not flexible – The contributions in an IPP are required annually and there are no carry-forward options. In a lower income year, may have to get a business loan to fund the IPP,[object Object],Complexity – IPP’s are more complex than RRSPs and the costs to maintain and administer are higher,[object Object]
RETIREMENT COMPENSAION ARRANGEMENT (RCA),[object Object],Vehicle to fund retirement and substantially defer taxes,[object Object],Becomes extremely beneficial when a corporation’s profits exceed the small business deduction limit of $400,000 ,[object Object],Make a contribution to the RCA as specified by an Actuarial Certificate. This contribution becomes a tax deduction to the corporation,[object Object],The income in the RCA is taxed when it is withdrawn from the RCA at retirement. Can be a substantial tax deferral and tax savings since income at retirement will likely be lower, thus a lower tax bracket,[object Object]
Canadian Small Business Course,[object Object],www.sbclearnbusiness.com ,[object Object],Visit us online and take the Canadian Small Business Course,[object Object]
Canadian Small Business Course,[object Object],www.sbclearnbusiness.com ,[object Object],Or take individual modules such as this presentation:,[object Object],Module 1:  Forms of business organization,[object Object],Module 2:  Starting a business step-by-step,[object Object],Module 3:  Compensation strategies,[object Object],Module 4:  Tax planning and strategies,[object Object],Module 5:  Expenses and deductions ,[object Object]

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Notas do Editor

  1. Add a module on “Funding your Retirement” – keeping retained earnings in the corporation and then paying dividends to family shareholders when its time to retire. Show example of how this would work.Also add some detail about establishing a holding company to bump up the R/E and protect the shareholders from creditors.Look at the NOP presentation on insurance strategies in shareholder agreements, maybe do some more research in this area
  2. The answers to these questions are the objectives to this course.They will all be answered as we proceed through the course topics.
  3. Show an example of how the partnership account works with an Excel spreadsheet.
  4. Consider putting in a diagram of how a corporation is different from a proprietorship
  5. Give an example of a company with a large profit after the salaries have been paid to the owner-managers.
  6. Show an Excel spreadsheet example of how salaries work (deduction) vs. dividends (paid out of after tax income)