The Dirty Truth About RRSP Contributions For Business Owners
Kelowna accountant, Ken Davidson, gives advice on RRSP contributions for business owners.
I generally don’t recommend RRSP contributions for business owners because of the restrictions in the investments that can be made within an RRSP and that the minimum amounts that have to be withdrawn in retirement are out of your control. What I recommend for business owners is to have a holding company for their investments and they can hold the exact same investments that they hold in their RRSPs, if that’s what they want to invest in.
The business owners do not have to withdraw cash from… Continue reading
Posted in Accounting, Taxes and Finance | 
BDO Canada, canadian pension plan, Chartered Accountant, cpp, cpp contributions, david sung, Kelowna Accountant, Kelowna accountants, Kelowna accounting firm, Kelowna business, Kelowna businesses, Ken Davidson, nicola wealth management, no rrsp strategy, rrsp, rrsp contributions for business owners, rrsps for business owners, small business owners, Strategic business review, tax act, tax free dividends, vancouver sun | 1 CommentWages Vs. Dividends Income For Business Owners
Kelowna accountant, Ken Davidson, answers your questions on accounting, business growth strategies, start-ups and more.
Question from a Reader: As a business owner should I take a wage or dividends?
As far as I’m concerned, there are very few reasons why a business owner should take a wage. When I say this I’m referring specifically to business owners that have incorporated their business, because it’s a whole different situation if you’re a sole- proprietor.
All of my clients earn dividends rather than wages but the question is why? There are a couple reasons why this is works to your… Continue reading
Posted in Accounting, Taxes and Finance | BDO Canada, Business Growth Strategies, Business Owner, canadian pension plan, Chartered Accountant, cpp, dividend sprinkling, dividends, income splitting, Kelowna Accountant, Kelowna accountants, Kelowna accounting firm, Kelowna business, Kelowna businesses, Ken Davidson, rrsps, Strategic business review | 1 Comment
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