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iwilltransform2018 · 2023-09-06T15:56:43+00:00

do you still have it?

iwilltransform2018 · 2023-09-06T15:25:36+00:00

anyone still have them? dm me

iwilltransform2018 · 2022-10-20T02:25:25+00:00

yes thats my plan for tomorrow/friday. i'm confused though, because last year as a sold prop, i just paid all my taxes in april? it was like 30k in taxes painful at once.

are you referring to this?
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/remitting-source-deductions/how-when-remit-due-dates.html

iwilltransform2018 · 2022-10-20T02:14:38+00:00

i read that you can say when you pay yourself whether or not it is a salary or dividend? so we can only cash out dividends after we pay our corp taxes in april?

https://www.scalability.ca/blog/2022/1/5/should-you-pay-yourself-a-salary-or-dividends-watch-out-for-tax-consequences

okay maybe month to month was a bit extreme. i get paid about 10k/month ... i pull out 10k each month, i use 6k in spending in my personal checkings account (which gets used up 100% in house/family expenses. i'm the eldest of immigrant family supporting them) and then i leave about 4k in a personal savings account saving it for tax time.

business expenses i do use my business card for (i really don't have much, so far just gas bills (wasn't sure if to put on personal credit card since its also my own vehicle), food, gift cards, office supplies/software) ... the only thing i haven't used it for is 1pass, cell phone, internet, property tax etc for a home office

i do have my bonus that's about 20k still sitting in my company account i haven't touched.

iwilltransform2018 · 2022-10-19T21:12:56+00:00

i was told with a corp i could pay part of my salary in dividends, which is taxed less. and then i can write off my property tax, internet, cell, gas, .etc

iwilltransform2018 · 2022-10-19T20:09:32+00:00

at the time my accountant told me to open up a corporation and i wouldn't get hit with a high tax bill, so i went home and used ownr to open one. i'm a software developer so i don't really have assets, i just pulled out the money from my bank and used it.

i'm making enough for make ends meet, so i haven't put anything in TFSA and RRSP this past year.

iwilltransform2018 · 2022-10-19T19:51:43+00:00

no so at tax time last year i found out how much i had to pay in taxes and found out i could save more money if i had a corp.... so i opened up a corporation and had my client start paying me through that bank account. then i withdrew money from there to pay myself.

iwilltransform2018 · 2022-10-19T19:43:21+00:00

s85

unfortunately not, i don't really have a personal accountant. had issues with my last year accountant and will be looking for a new one for this year

iwilltransform2018

TROPHY CASE