How to take money out of your business.

As the Shareholder of your company, how do you actually get your money out?

Here are a few ways:

  1. Wages

  • ​Pay yourself a salary from your corporation

  1. Dividend

  • This would be after corporate tax money. When you report this on your personal T1 you will receive a dividend tax credit

  1. Shareholder account

  • If you have ever loaned money to your business, you can take it out tax free

Be careful that you don't take too much money out of your business as it might cause you a few problems.

Contact us for more direction.

Wm. J. Trotter & Associates

(905) 764-2555

#dividend #salary #wages #direction #wmjtrotter

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