Padgett Niagara

Padgett Niagara Padgett Business Services specializes in bookkeeping, tax and payroll solutions for small businesses.

We are an accounting firm that keeps our client’s financial records current, therefore we are able to advise them about their business when it counts.

11/02/2018
08/18/2016

If you decide to lease a vehicle for business then consider the amount of KM that you are given. If you drive a lot you may want to consider buying outright or financing. Overall, total tax expense is pretty close at the end of the day.

06/18/2016

Financial literacy

We have noticed that there is a portion of new business owners that are finding it difficult to transition from sole proprietors to incorporated businesses and how to get money out of the business.

Here are some helpful tips to remember.

1) Know the value of your shareholder account. This is the value you have contributed to your business - it should be a positive number.

2) There are typically two proper ways to get money out of your corporate bank account. They are either payroll deductions or dividends. So what does that mean?

- payroll deductions will prepay your personal taxes, increase your RRSP limit and adds to your CPP. This is also an expense to the corporation so it reduces your corporate taxes

- dividends are considered investment income so they don't prepay your personal taxes, don't add to your RRSP limit or add to your CPP. They are also not a business expense so your corporate taxes will be higher.

So why would someone choose a dividend over a payroll deduction? Well, it depends on your personal situation and needs... so this can change each year. It is important to understand and plan for taxes. This is a key item to consider each year.

We can help you with that. Give us a call.

06/08/2016

At the Toronto Entrepreneurs Conference getting up to date on new ideas

Address

6260 Colborne Street
Niagara Falls, ON

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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