Change is on the Way 2013’s federal budget tax changes brought some not so good news for many private companies but planning for these changes can soften the blow. For example, some business owners may face more tax on dividends from their companies in 2014. If your company pays tax on its income at the small business rate, or earns investment income, you face a potential tax increase starting in 2014 when the company pays you “non-eligible” dividends from that income. As a result of the changes announced in the budget, the top tax rate on these dividends paid in 2014 and after will increase from 32.5% to 35%. You may want to have your company pay you non-eligible dividends in 2013 rather than 2014, to save on this tax increase. Please contact us if you would like us to help you start planning in order to save money.
Posted on: Fri, 25 Oct 2013 14:22:06 +0000
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