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Trials said:
Does your company owe you 40k, or are you wanting to take that as personal income and pay all of the taxes and deductions against it?
You can't just take money out of an incorporated company without the bookkeeping to support it.
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Or you can transfer it to a trust and pull it as income in a lean year (or after retirement). Or you can sell some assets to the company or you can hire your wife as a marketing consultant or . . . Lots of ways to get money out whole minimizing tax burden.
 
Trials said:
Does your company owe you 40k, or are you wanting to take that as personal income and pay all of the taxes and deductions against it?
You can't just take money out of an incorporated company without the bookkeeping to support it.
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Theoretically pay a dividend or bonus and pay the taxes. It's not like a lottery win but you still get to keep a bunch if you don't get caught in a scam.

This package was thrown together in a rush and the government doesn't do a great job with giveaways at the best of times. I haven't gone over the package as I don't qualify for anything anyway but assume there are restrictions and claw backs.

People get bent out of shape over taxes. I wish I was paying 10 million in income tax. It would mean I'm making double that, likely a lot more with a good consultant. I'm not.

Canada national debt March 2019 was approximately CAD$768 billion. We'll be in the trillion category before this is over. Thirty to forty thousand for every man woman or child.

We have to spend our way out of this mess but we didn't have to start off in a hole.
 
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nobbie48 said:
... if you don't get caught in a scam. ...
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I assumed you meant legally. I'm pretty sure that money is intended to pay employee salaries and operating expenses with the goal to keep your business afloat.
 
Trials said:
I assumed you meant legally. I'm pretty sure that money is intended to pay employee salaries and operating expenses with the goal to keep your business afloat.
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Not the 40k. That is for whatever the business wants. Although, to qualify you needed 50K to 1,000,000 in T4's last year. The 75% is tied to payroll and I assume they will be very angry if you re-allocate that.
 
Zoodles95 said:
It was because he grabbed every ounce of overtime and giveaway shifts to up his pension. He made it 18 months post retirement before he passed away.
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We had one guy who was similar. Worked crazy hours in our highway department - on the road basically 6 days a week and was fanatical about it all.

He retired and died 6 weeks later.

Personally, I can't want to GTFO and I still have at least another 15 years minimum before that's realistic and I don't get kicked in the teeth with pension clawbacks because of early retirement. But in the meantime, I work 8 hours a freakin' day and that's that, not the 10 or 14 some others do. I come home and relax. Go ride the motorcycle every night. Take my vacations and enjoy the **** out of them.

Work to live, don't live to work.
 
Trials said:
I assumed you meant legally. I'm pretty sure that money is intended to pay employee salaries and operating expenses with the goal to keep your business afloat.
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I know someone that hired his wife during one of the previous economy challenges. Started a legit business on a grant and hired his wife. Her salary was covered by a hiring grant. Once the grants were exhausted there wasn't enough coming in to keep things going.
 
You will know when it is time to retire.
 
I was wondering how weddings were being handled. I suppose one could keep the hitching date with a very small ceremony and defer the foreign beach destination celebration and honeymoon until.......

How long do marriages last these days? Maybe the foreign beach wedding can double up with the divorce.
 
If you are going to go through more then one wife then you can forget about retirement.
 
There was a time when the co offered early pensions, with incentives.....mid 90's.
They canvessed workers, by seniority. I only had 22yrs, not enough to get canvessed myself, as the list would fill with senior guys, but I'd yell and scream at them to pick me.
Then they did. I got credit for 25yrs, and pulled the pin.
That was 01 03 96. ?
Stay safe everyone.
 
With the wage subsidy a couple of things. Your business also has to have a 30% drop in revenue, employer is strongly encouraged to top up the pay (talking to our accountant sounds like we have to pay the 25%, I know at the press conference this sounded optional). The portal also isn’t open for another 4-6 weeks to apply so the companies are on the hook for their employees income for the time being.
 
Will happily admit when I’m wrong. A few posts back I complained about deliveries being poor during this crisis. Amazon has changed courier for my area recently and I’m getting things I ordered yesterday afternoon delivered today....on a Saturday....and I’m not in the GTA. That’s actually faster than they have ever delivered anything before and I am a Prime subscriber.
 
regder said:
I'm not 100% sure how I feel on this issue.

$2000 pre-tax a month is not enough for a lot of people that have no savings and are living month to month, this is a significant portion of our society. When the eventual bills start piling up, that's going to leave a lot of people in a very negative financial situation, which ripples into consumer spending, which then ripples into the whole economy.

With the wage subsidy, a higher earning individual will now be earning $1124 (843/.75), or $58448/yr if the company lowers their salary to maximize the Gov wage subsidy and minimize their contribution. Average individual salary is $44,000 though (https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110019101). Which at 75%, equals a government contribution of $635/week. So a minimally higher investment from the government compared to CERB, to keep people employed and earning more. Also to keep businesses operational to some degree.
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I believe the subsidies are taxable on the company... factor in that with the employees paying income tax on it.. and the subsidy might be cheaper for the government than paying out EI and CERB.
 
blackcamaro said:
With the wage subsidy a couple of things. Your business also has to have a 30% drop in revenue, employer is strongly encouraged to top up the pay (talking to our accountant sounds like we have to pay the 25%, I know at the press conference this sounded optional). The portal also isn’t open for another 4-6 weeks to apply so the companies are on the hook for their employees income for the time being.
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They changed the 30% drop rule..

Bloomberg - Are you a robot?

www.bloomberg.com
 
jc100 said:
Will happily admit when I’m wrong. A few posts back I complained about deliveries being poor during this crisis. Amazon has changed courier for my area recently and I’m getting things I ordered yesterday afternoon delivered today....on a Saturday....and I’m not in the GTA. That’s actually faster than they have ever delivered anything before and I am a Prime subscriber.
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Amazon changed last year from CP to their own courier for Belleville
Prime orders became typically next day instead or 3-4
don't know what's happened but since this business it's a week

tried the CTC phone order routine as I wanted a few things
mainly a blender as I'm tired of throwing 80% of my veggies in the trash

site is now lookup only - but inventory for your local store is there
jot down the product #'s then call the store, on hold for 15 minutes
give the details of what you want and your contact info

someone else calls back later, takes your CC# and bills your card

a third person calls you to inform your stuff is ready for puckup

went to store, received my stuff, including the blender
that looked like the box had been dragged behind a truck
so they are using this situation as an opportunity to unload unattractive stock

MM is correct
someone pretty high up is going to canned for this
 
Trials said:
If you are going to go through more then one wife then you can forget about retirement.
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Depends on how you pick'em. Have a couple of friends who got to retire early after their divorces - they married well.
 
jc100 said:
Will happily admit when I’m wrong. A few posts back I complained about deliveries being poor during this crisis. Amazon has changed courier for my area recently and I’m getting things I ordered yesterday afternoon delivered today....on a Saturday....and I’m not in the GTA. That’s actually faster than they have ever delivered anything before and I am a Prime subscriber.
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Lucky - I ordered some filters, gaskets and cables that would normally arrive next day.

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nobbie48 said:
I was wondering how weddings were being handled. I suppose one could keep the hitching date with a very small ceremony and defer the foreign beach destination celebration and honeymoon until.......

How long do marriages last these days? Maybe the foreign beach wedding can double up with the divorce.
Click to expand...
I am in the flower business and I can tell you that almost all weddings are being cancelled and/or postponed. Even funerals are extremely small if at all. And a lot of events are cancelled also. So the florists are losing a lot of business in these cases. Some have stayed open and operate because they can have no contact ordering and delivery. And in that department business has been good. Flowers are a safe way of expressing your feelings during this time when we can't gather with friends and family.
 
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