EI premiums

Jump to Page:
< Previous [ 1 ] [ 2 ] Next >

Azeem11
Member since: Apr 10

Posts: 22
Location:
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)

Jump to Page: < Previous [ 1 ] [ 2 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: EI premiums
	Topic	Forum	Views	Replies
	Tax-return filing course ( 1 2 )	Jobs	2825	8
	Help required for NOC section of Pr	Ask Immigration Expert	1267	4
	Tax Related Queries	Accounting and Taxation	1425	2
	Managing Your Money - Reading, Writing and RRSPs - 3 'R's' of essential financia Reading, Writing and RRSPs - 3 'R's' of essential financial learning for kids	Financial Planning	1897	0
	Difference betweek RSP & RRSP ???	Accounting and Taxation	2229	6
	Transfer money from India	Accounting and Taxation	2251	2
	Filing Corporate & Personal Income tax	Accounting and Taxation	1874	2
	closing business	Business	3093	4
	TFSA	Financial Planning	1765	3
	RRSP - Jan to Dec Schedule	Financial Planning	2019	3
	Need help with filing my first time tax return fileing.	Accounting and Taxation	2014	5
	USA and Canada Tax return in the same year ( 1 2 )	Accounting and Taxation	2367	8
	FCNR account income	Accounting and Taxation	1729	0
	PR expense and income tax benefits ( 1 2 )	Accounting and Taxation	2411	8
	Universal Child Tax and Income Tax filing	Accounting and Taxation	1926	1
	filing dependant return	Accounting and Taxation	1691	5
	RRSP contribution and panelty	Accounting and Taxation	1937	5
	EI premiums ( 1 2 )	Arts and Culture	3368	11
	employee vs self employed - which saves money ( 1 2 )	Accounting and Taxation	5010	13
	Baby sitting Income	Accounting and Taxation	1509	1
	Reporting Indian rental income on Canadian tax return	Accounting and Taxation	4103	5
	Letter of Employment or Notice of Assessment	Family Class	2043	3
	Pension income declaration	Accounting and Taxation	1374	5
	Withdrawal from personal RSP under LLP and contributing towards spousal RSP ( 1 2 )	Financial Planning	4208	13
	Can someone recommend a good Tax consultant for book-keeping and tax filing	Accounting and Taxation	1571	3

Charcha

EI premiums

Discussions similar to: EI premiums