Money Moves: How to Pay Yourself as a Business Owner
About this episode
The episode discusses how business owners should approach paying themselves, exploring the complexities of salary versus dividends with financial planner Aravind.
In this episode, I am joined by Financial Planner, Aravind, for a deep dive into one of the most common (and misunderstood) questions for incorporated business owners: Should I pay myself a salary or a dividend? We unpack the myths, explore the tax mechanics, and walk through real-life planning considerations that go far beyond the coffee shop advice of “dividends are better.” Spoiler alert: the answer is almost always “it depends"! Our conversation included: The concept of tax integration and why it matters Why CPP is not the villain it is sometimes made out to be How your business lifecycle affects compensation strategy What notional accounts are and why you should care The impact of salary on disability insurance, mortgage applications, and more Why dividends can be a powerful tool especially when cleaning up corporate tax accounts The importance of annual planning with your accountant and financial planner CONNECT WITH MY GUEST: Twitter: @aravindsitham Linkedin: Aravind Sithamparapillai - https://www.linkedin.com/in/sithamparapillai/ Instagram: @Aravind_sithamparapillai HERE ARE SOME OTHER WAYS TO CONNECT WITH ME: My website! Email: thetaxchickpodcast@gmail.com @tax.chick…
More episodes of The Tax Chick Podcast
- CRA Audits: What to do (and what not to panic about)!
- Season 7: Why We’re Still Talking About Tax
- More Than Complaints: A Candid Conversation with the Taxpayers' Ombudsperson (Part II)
- More Than Complaints: A Candid Conversation with the Taxpayers' Ombudsperson (Part I)
- Season Finale! Budget breakdown and tax tea
- Taxes After Death: What Every Executor Needs to Know (with special guest, Michelle Coleman)
Explore listener stats, chart rankings, contacts and more on the The Tax Chick Podcast podcast page.