• Last Updated:
  • Mar 24th, 2011 9:52 am
[OP]
Newbie
Nov 2, 2010
13 posts
Toronto

Dividend money from last year

We are 2 shareholders (50-50) in my federally registered inc .After all expanses(Including our payroll) and corporation taxes paid we are left with about 35K from 2010.We did not take out our dividend last year
1) If we take out all now (50% each) now in 2011, from this amount as dividend ,how do I make sure its not double taxed. Corporation taxes already paid in 2010.
2) How much tax I can expect on withdrawn dividend about 17.5 K. Base salary is around 30K.
3) Is there a better usage than taking out money? As an investment? We don’t need money at this moment
Any advise/ideas are welcome and appreciated!

Thanks
Andy
2 replies
Newbie
Oct 24, 2009
31 posts
andyandy wrote: We are 2 shareholders (50-50) in my federally registered inc .After all expanses(Including our payroll) and corporation taxes paid we are left with about 35K from 2010.We did not take out our dividend last year
1) If we take out all now (50% each) now in 2011, from this amount as dividend ,how do I make sure its not double taxed. Corporation taxes already paid in 2010.
2) How much tax I can expect on withdrawn dividend about 17.5 K. Base salary is around 30K.
3) Is there a better usage than taking out money? As an investment? We don’t need money at this moment
Any advise/ideas are welcome and appreciated!

Thanks
Andy

Definitely interested in the this answer as I am facing a similar situation
Deal Addict
Aug 28, 2007
1869 posts
260 upvotes
Calgary
Good answer RB. Precise, accurate and thorough.

I expect OP was looking for something more simplistic, though.

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