As the Shareholder of your company, how do you actually get your money out?
Here are a few ways:
Pay yourself a salary from your corp...
How to take money out of your business.
February 10, 2015
Remembering our heros
November 11, 2014
New Child Tax Benefits
September 29, 2016
Changes to CPP
November 23, 2016
Changes to the CPP Withholding Tax
Employers pay 4.95% of salaries into CPP, on a maximum of $54,900 of earnings per year, while the self-employed contribution rate is 9.9%. The government is implementing changes to the contribution rate and annual maximum. These changes will begin in 2019 and be fully implemented by 2025.
The maximum amount of income subject to CPP will be increasing from $54,900 to $82,700. In addition, the contribution rate will increase to 5.95%, while the self-employed rate will increase to 11.9%.
What does this mean in dollars? For 2016 the maximum employer and employee contribution is $2,544. By 2025 the maximum contribution will be $4,712.
If you have any questions or feel that this might impact you feel free to contact us.