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Kiopa_Matt · 10-26-2007, 06:04 PM

I'm guessing you were talking about double taxes on CPP and EI? In that case, yep, if you pay yourself out a salary you end up paying double (actually, more than double on EI). You have to pay both, the employee and employer shares of it. CPP is 1:1 and EI is 1:1.6 (I think).

Stick with the dividend advice. There's also tax breaks if your company makes less than, I think it's $250K. Ask your accountant about that one though.

10-26-2007, 06:04 PM
Kiopa_Matt Confirmed User Industry Role: Join Date: Oct 2007 Posts: 1,448	I'm guessing you were talking about double taxes on CPP and EI? In that case, yep, if you pay yourself out a salary you end up paying double (actually, more than double on EI). You have to pay both, the employee and employer shares of it. CPP is 1:1 and EI is 1:1.6 (I think). Stick with the dividend advice. There's also tax breaks if your company makes less than, I think it's $250K. Ask your accountant about that one though.