EI premiums

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Azeem11
Member since: Apr 10

Posts: 22
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Post ID: #PID

Posted on: 28-02-12 22:59:35

Thank you all for your feedback.

As I finished my full time employment this month I am filing my personal return first and then will do the corporate return which I registered on sep of last year. But there are no income reported for last year. I am starting my consultancy in first week of March so I am gearing up for the new adventure.

I have decided not to contribute to EI as it is waste of money but CPP is still good thing as I will need it for the old age and will show a deduction.

Regards,

Azeem

sant
Member since: Apr 07

Posts: 352
Location:
Post ID: #PID

Posted on: 29-02-12 16:19:14

Quote:
Originally posted by ashedfc

You can take an annual salary (like Directors Fee), this way you will have to deal with CRA only once in a year based on your Net income.

so if he takes directors fee payroll is not necessary ?

if it is so then how to deduct taxes and CPP etc ?

sant
Member since: Apr 07

Posts: 352
Location:
Post ID: #PID

Posted on: 29-02-12 16:27:53

Quote:
Originally posted by ashedfc

Quote:
Originally posted by sant

so if he takes directors fee payroll is not necessary ?

if it is so then how to deduct taxes and CPP etc ?

Once in a Year when you file your taxes.. you have to write a cheque of the total amount owing to CRA.

thats interesting .

in this situation can the person withdraw some amounts for expenses etc every month or so ?

or
he has to withdraw expenses etc also only at the end ?

sant
Member since: Apr 07

Posts: 352
Location:
Post ID: #PID

Posted on: 29-02-12 16:32:10

Quote:
Originally posted by ashedfc

for sure, he can withdraw every month, he has to survive;
but as far as CRA reporting, it can be an annual.

Thats nice to know

Thanks .

Azeem11
Member since: Apr 10

Posts: 22
Location:
Post ID: #PID

Posted on: 29-02-12 20:14:20

Thanks all.

Contributors: Azeem11(5) sant(4) Pramod Chopra(2) aqua(1)

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