Are you small business owner, administrator or accountant/bookkeeper trying to navigate the complexities of dividends and wanting to ensure that you are tax compliant?

One of the most important aspects of tax, as it relates to small business corporations, is a solid understanding of owner compensation. In doing so, it empowers you to make informed decisions that optimize your tax position, ensure compliance, manage cash flow effectively, and plan for the future.

This comprehensive guide helps you to understand everything you need to know about small business dividends and provides step by step instructions on preparing and submitting your dividend declarations i.e. T5 slips to Revenue Canada . Additionally, it can help you save the cost of hiring an accountant, who can charge upwards of $150.00 to prepare your dividend slips, while boosting your financial knowledge and giving you the confidence to make the right decision.

Inside you’ll discover:

• Salary vs. Dividends Deep Dive: Explore the nuances between salaries and dividends, including vital considerations for deciding on the most beneficial owner compensation strategy and gain expert guidance on assessing the best compensation option for your unique situation, helping you make informed decisions.

• Step-by-Step Instructions: Easy-to-follow guidance for preparing and submitting your tax forms via mail or online to the CRA, ensuring you're fully compliant.

• DIY Dividend Registration: A straightforward process to register for a dividend account

• Dividend Resolutions Simplified: Gain access to a template on drafting your dividend resolutions

• Tax Implications Explained: A clear explanation of how taxes on dividends work and how they are different from salaries

• Accounting Software Integration: Tips on how to accurately enter dividends into your accounting software.

• Filing for Quebec Businesses: A dedicated chapter on filing the Quebec equivalent RL-3, catering to the specific needs of Quebec-based businesses.

And more…. (see image of table of contents)

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