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Anthony Layton MBA, CIM

Chairman & CEO, Portfolio Manager

Peter Guay MBA, CFA

Portfolio Manager
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  • 1.800.875.7566
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  • Montreal, Quebec H3Z 3B8

Should you pay your family from your company

July 18, 2017 - 0 comments
Update:  On July 18 2017, Finance Minister Bill Morneau announced a plan to modify the taxation of private corporations. The proposed plan calls for 75 more days of consultation before legislation is to be introduced. I am keeping a close eye on this situation and will update this blog when more information becomes available.

Welcome back to “Do It Together” financial planning. We’re at part three of my business incorporation series. If you missed the first two videos on whether you should incorporate and whether you should pay yourself a salary or dividend, I recommend watching them as they lead up to this video: Paying your family from your company.

If you’re a legal or medical professional with an incorporated business, you have the opportunity to split your income among family members so you pay less tax.

However, you can’t just start paying your family, there are guidelines around how you split your income and to whom you can give that income. This video takes you through how income splitting works and the tax advantages.

Don’t forget to subscribe to my YouTube channel for more videos like these.

By: Peter Guay with 0 comments.
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