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Jobs and Career

Should I Pay Myself Salary Or Dividends From My Corporation

Should I pay myself salary or dividends from my corporation as a business owner?
By Accountant Mississauga

Should I pay myself salary or dividends from my corporation?

This is a very common question that I encounter in my accounting practice in Mississauga, and the answer can make a big difference in your bottom line.

Advantages of Salary – Should I pay myself salary or dividends from my corporation – Accountant Mississauga

Should I pay myself salary or dividends from my corporation? To answer this question, you should look at the advantages and disadvantages of each.

The advantages of paying yourself a salary from your corporation are:

Salary is treated as earned income for RRSP purposes. This means that salary increases your RRSP room.
Salary is provable income for financing purposes. If you are planning on applying for a line of credit or a mortgage, then paying yourself a salary will help you qualify.
Salary is subject to Canada Pension Plan (CPP) premiums. By paying into the Canada Pension Plan your entitlement to CPP will increase.

Disadvantages of Salary

The disadvantages of paying yourself salary from your corporation are:

Paying salary is administratively cumbersome. You may have to hire an accountant in Mississauga to manage payroll remittances to the Canada Revenue Agency, preparation of T4 slips, calculation of source deductions, etc.
Salary is subject to CPP premiums at a rate of 9.9 cents for every $1 of salary. This can be expensive.

Advantages of Dividends – Should I pay myself salary or dividends from my corporation – Accountant Mississauga

The advantages of paying yourself a dividend from your corporation are:

Dividends are taxed at a lower rate than salary. In fact, the first $40,000 of dividends can be received completely tax-free.
Dividends are not subject to CPP premiums, which can add up to big savings.
Dividends are administratively simple. You do not have the burden that you do with payroll. To pay yourself a dividend, you simply write a cheque to yourself from your corporation.

In order to pay dividends, your articles of incorporation must allow for dividends to be paid. I recommend having your articles of incorporation reviewed by a business lawyer or Accountant in Mississauga.

Additionally, at the end of each year, a business lawyer should update your corporations minute books and prepare a directors resolution for the dividends paid.

Conclusion

Now that you know the advantages and disadvantages of dividends and salary, you should consult with an accountant in Mississauga to determine which one best fits your circumstances.

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Education Share

Why Students May Choose To Study Abroad

Choosing to study abroad is a superb choice for both high-school and college students, alike. High-school students, who choose to study abroad, typically enroll in a foreign-exchange student program. While these students study in other countries, they will stay with a family from that country.

Foreign-exchange programs are terrific for high-school students, as they are not yet old enough to live on their own. In many cases, these students build lasting, strong relationships with their adopted families and remain in touch for the rest of their lives. However, choosing to study abroad while in college can be a bit more complicated.

First of all, choosing the proper college is crucial, as it could affect the student’s entire future. However, students should also keep in mind, that there is no such thing as the perfect school. They should strive to find a college abroad that offers courses pertaining to their preferences and will prepare them for the career of their choice.

Most colleges have administrators or international student organizations that will help foreign students in their decisions. Many of these administrators and organizations have studied abroad, as well; and they know what concerns these students may have. They can give the students a vast array of useful tips, as well as, answer any questions that may be troubling them.

Students, who study abroad, will experience the enthralling life and culture of the country they choose to study within. On their down-time, they can explore all that the country has to offer. From sight-seeing to shopping, studying abroad can be a fabulous experience. They have the opportunity of learning all about the people of the country and perfecting their language of the country, as well.

They can delight in the local restaurants, or they may choose to explore the country’s tourist attractions. One of the best benefits of studying abroad is the diverse people that students will meet. They may meet other students from all over the world, and they have the opportunity to build lasting friendships with other students of various cultures.

There are many scholarship programs that will help students study abroad, as well. Therefore, cost should never be a deterrent when students choose to study in other countries. The benefits students will enjoy while they study abroad are fantastic, and students will be sure to make many memories that will last for the rest of their lives.

In conclusion, choosing to study abroad can be a marvellous experience for both high-school and college-bound students. High-school students, while too young to live on their own, can enroll in foreign-exchange programs and stay with local families within the country they study in. College-age students should always consult with the college’s administrators or international student organizations, as to the suitable schools and courses they may want to take when they study abroad.

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Jobs and Career

Hiring The Expert San Diego Employment Discrimination Lawyer

The San Diego Employment Discrimination Lawyer can easily save the job of the people which can be brilliant in the terms of the financial stability. It is easy for a person to get a job but it can be pretty tough and difficult to keep up the job in a good way. These days the workplace has been famous for the bad politics and also for the unhealthy environment and the job place is also caught up with the major issues which can prompt various kinds of the disciplinary actions against the people. There are several kinds of the cases and the issues in the offices and the workplaces like the discrimination, injustice, partiality, harassment, favoritism with which the people have to deal with. There are several cases where the people have to lose their job because of no fault of theirs. Usually the lawyers are not so much famous and have a good reputation among the people and also in the society. The employment discrimination gets a bad reputation until when they fight the case and win it for the clients. There are off course some lawyers who are not so correct in their approach but it is not that every one of them is like that. The employment lawyers can easily deal with the cases and can defend the clients with the correct details and the facts about the case. These people try to reach out to the most favorable outcome and the result for the clients and the customers.

Valid reasons

The client cannot be sometimes fully right but still there is no point of snatching the job from him because of that conduct and this is totally wrong in the part of the office staff and the management to do so. The employment discrimination lawyer can easily save the job of the people under the proper employment laws and it is also seen that one of the major reason of filing the law cases is that of the discrimination and that can be on the grounds of the caste, creed, religion, color, sex or anything.

Some cases

The discrimination can be the prejudiced action, outlook or the treatment against any person without any kind of solid and valid reason and this kind of the prejudiced opinion can turn into the discrimination.

Able leadership

The San Diego Employment Discrimination Lawyer is efficient enough to deal with the cases of the discrimination on the grounds of the favoritism.

Author resources:

The Author is conveying information about san diego Employment Discrimination Lawyer and wrongful termination attorney san diego You’re probably thinking, everyone says that, so, what’s different here. It’s the commitment of quality, genuineness, and a guarantee that values your time and interest.

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Education Share

How To Prepare A Savvy Cover Letter When Applying For Scholarships For Mothers

Few people can cook up savvy cover letters, especially when applying for a scholarship when you are a single mother. Not because you are single mom. However, because I have already forgotten what its like to do something that does not involve household or children matters. Dont worry, youre not alone, writing cover letters for scholarship application is not easy for everyone too.

Scholarships for mothers program has already been spread widely across the country. So when a mother will take an interest in this, shell have to go through the process of applying. Since eligibility is being a mother, check. Now when ask for filing an application, this will involved not just government forms to fill up but also a cover letter.

A cover letter is needed to serve as an introduction of ones intent for submitting attached documents. It does suppose to complement with the accompanying documents. For application of scholarships, a poorly written cover letter may cost an applicant the chance of availing a scholarship grant.

In order to ensure a scholarship, follow simple guidelines that would lead to write a winning cover letter. When about to write, take note of what program of study you are applying a scholarship for. This will matter in your letter, if you are not sure of this, dont apply. Just remember your letter will be direct, brief but respectful.

Now it should start with the usual format for writing formal letters, like letterhead, addressee and destinations address. Start with proper salutations, then the body of the letter.

In the body of the letter, the first lines of the paragraph should be mentioning the reason for applying scholarships for mothers program. What program of study you have chosen. Explain your situation briefly but formally. Do not inject too much drama, lest it sounds deliberate and fake.

In the middle of the body, explain how availing a scholarship will greatly affect your life as mother in supporting your family. It is wise also to mention that availing scholarship for mothers program will give you deep self-satisfaction.

The concluding part of the letter should mention about appreciating this government program. Its also good to mention gratitude for such an opportunity that even mothers like you are given attention by the government. Then include your hope for a favorable response, and then wait.

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Jobs and Career

What Qualities Are Needed For Self Employment

Self employment does seem to be quite fascinating and one of the best ways of leading your life, but just pause and think – are you really cut out for self employment? There are people who can do quite well being self employed and there are people who just cannot get into the drift. So, where do you fit in?

Here, I list the kinds of people who I think will never do well in a self employment opportunity. These categories are taken from the top of my head, and there will surely be some more of them. But these are good enough to give a preliminary idea of the kind of person you need to be to become self employed.

1. If you do not have any kind of drive to create your own thing, then you are better off in a daytime job. Self employment is not for you. All self employment opportunities, whatever their nature might be, require you to create. You have to have at least some talent in you that common people do not have. You should be able to create things, and then love them enough to let others partake in your creation.

2. You have to be money-minded. If you are just thinking of entering into a self employment opportunity without any head of business, you are doomed. This is because the entire onus of expenses and investments will fall on you. You will have to sometimes bargain with your clients and get good deals. You have to have those talents.

3. Every person in a self employment venture needs to be a task manager. Oftentimes, the burden of managing a lot of responsibilities will fall on your shoulders. You will have to look after not just the production, but you will also be responsible for the promotion and the investment. So, you have to have good skills in managing all these kinds of works at once. You will need to allocate different times of the day for different purposes.

4. This is very important, though not often said – you will have to have affection for your own self employment venture and you will have to nourish it like a baby. You don’t have to do this in a job, because someone else has already established it. So, can you muster enough love and affection for the business opportunity you are giving birth to? You might have to sometimes spend long hours on it, do things that you don’t like much, and even stretch yourself to the limit. Be prepared for all this.

Contrary to what newbies feel, self employment is not a piece of cake. You need to have specific qualities to do good here. As I said before, there are some people who have natural talents to be self employed and then there are those who cannot be self employed unless they learn and improve.

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Jobs and Career

Managing People In Employee Relations

In business, owners and chief officers are considered the brain of the company, while the target customers and consumers comprise their heart. The employees, on the other hand, are the cells acting as the central circulatory system that transports impulses from the brain to the heart. Because of this important role portrayed by the employees in sustaining operations for the entire body, maintaining good employee relations is essential in a company.

Employee relations is a management function where employer-employee relationship is secured for uninterrupted business and market operations. Basically, it involves preventing and resolving conflicts within the management pyramid may it be a disagreement between employees, or a misunderstanding between the chief officers and the rank-and-files. A managers core goal is to maintain motivation, morale, and satisfactory productivity of his or her subordinates.

One of the things that a manager must do to strengthen employee relations is to know an employee beyond ones curriculum vitae. Managers must be able to keep their communication open not only for work-related conversations, but also for random talks outside of the office involving an employees interests and hobbies. In addition, humans have the innate need to feel that they are wanted. Thus, an appraisal for a job well done is very important to keep an employee motivated in doing their assignments and tasks.

In the call center industry, agents are frequently assessed by their team managers in regards to work performance. When one has exemplified competence in doing a job, an employee is praised as a good example for others to follow. A manner like this is essential in maintaining a healthy manager-team relationship in the office.

Moreover, call center managers and managing teams must know how to deal with individual differences. Managers always need to be patient in dealing with their workers. They must heed suggestions given by employees in relation to work condition, rules, and policies. If the ideas and proposals given by the employees are impossible to meet, the refusal must be done in a professional way.

Indeed, managing people is a tedious task. One must not only be keen in keeping an eye to employee productivity and work ethics, but also sensitive enough to address to peoples needs and concerns. That is why a wise manager is needed in any business enterprise, including a call center.

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Jobs and Career

The Importance Of Paying Income Tax For Every Indian Citizen !

One of the most essential requirements for every Indian citizen is filing of income tax returns. As per the law, every Indian citizen is required to pay income tax. In order to process tax payment it is essential that they get a PAN card. The PAN number will identify their returns when they file it. In case of employed or salaried individuals, the tax amount will be deducted by their employer at the source and they should show this when filing their returns. The last date for income tax filing is July 30th. Filing of tax returns can be done through electronic format or by visiting an auditor’s office or the income tax department office in their city of residence. In case of employed individuals, most people assume that they only have to pay tax on the amount that they receive as salary. Income tax is applicable on all sources of income, which means they have to pay tax on the accumulated income for the whole year. In order to do this, they must look into all their sources of income. This means not just their monthly salary amount, but also any interest that they get in their savings bank account. If they get income through rent, this is also considered for tax payment. In case they have a house which is rented, it is still mandatory by law to pay tax on notional rental income.

Those who have taken a loan to construct their home can make use of the loan interest payment as a means to deduct payable tax. In case they have received any funds from their friends or relatives in the form of money, the total sum of which exceeds Rs.50, 000 annually, tax has to be paid on that as well. The gift can be in the form of share, jewelry, bullion, art work etc, still tax has to be paid. What is exempted from income tax here is gifts that are received as part of marriage occasion or inheritance.

In order to reduce the amount that is to be paid as tax, it is essential to get the right information on areas where you can reduce the payable tax amount. In this regard, approaching an expert auditor is the best option. The auditor will analyze the various options for saving tax and they will take you through the entire filing process quickly and efficiently. They will also come up with a financial plan that is most suitable for your requirements. By taking up their advice, you will get the best possible information on filing tax returns and you will not just file the tax returns on time, but can save yourself the hassle of checking up means by which the income tax burden is reduced.

No more fretting over Income Tax deadlines! File your taxes accurately and quickly with the help of online professional tax filing services. Best services guaranteed.

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Education Share

Pros Of Homeschooling

More freedom for you and your child

Are you tired getting frustrated forcing your child to wake up early in the morning, preparing for his lunch etc? Bringing him to school or picking him up? How about his home works? Ah! All these things controls your child’s everyday routine. Time, school obligation, responsibilities and requirements are exactly what deprive your child’s freedom. You child needs quality time to rest and sleep.

Your child will be free from the pressure of drugs or any crime in school

We heard of many stories about bullying, drugs, teenage pregnancy, abuse, smoking and alcohol in school. Homeschooling your child means his own safety from all those possible harms he will encounter if you send him to school

Shape your child the way you want and develop his skill

From the very beginning of your child’s life on earth, you knew him. You know his talents, skills and gifts. Would it not be easier for you to develop him and train him to reach his full potential? How about good qualities, you want your child to be responsible, honest, patient, kind and lovable? If you choose to homeschool your child, it will be all in the power of your hand to shape him. No one will twist it.

Your relationship will be built

You may know your child’s abilities but not his heart conditions. As your child continues to grow, there are many good and bad things emerging from his young heart. As you keep moulding him for his own good, your love and care for him will grow too. As he feels your love and concern, he will learn to love you in return. Your relationship is being built. The more time you spend together, the closer you will be with each other. Truly homeschooling is just a perfect option if you like that the relationship between and you and your child to be built.

Cost you just a fraction

Calculating the amount you will spend if you send your child to school will be thousands of dollars, but homeschooling your child will just cost you just a fraction. These are some of the pros of homeschooling. Of course there are pros of public school too. But we choose homeschooling because we agree the benefits we discussed.

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Military Grants and Scholarships – $10,000 In Free Money Can Be Used To Pay For Various Things

As of recently most people don’t know how they can take advantage of the military grants and scholarships award. The military grants and scholarships award is a $10,000 scholarship offer that can be used to pay for various things such as books, tuition, school fees, rent, clothes and much more. It is practically free money that can be used for just about anything.

And most importantly it doesn’t even have to be paid back unlike traditional school loans. Normally school loans can only be used for school related stuff. And you can expect to be in debt into the tens of thousands of dollars rather quickly. You can also expect to take anywhere from 15 to 50 years in order to fully pay them back. If you happen to fall behind on your school loans, expect to have hiked up interest rates and penalty fees as well.

But you don’t have to worry about all of this if you happen to qualify for the military grants and scholarships award. In order to qualify for this award you need to meet two simple requirements. First you need to be at least a dependent, spouse or child of an active or non-active military member. And next you need to be at least 18 years of age and older. After you meet these two basic requirements all that is left to do is to go to websites that offers the scholarship offer.

When you get there all you need to do is to fill out the basic information required and you should be good to go. I need to let you know that this special offer is only going to be made available for a limited time. And no one really knows how much longer it is going to be available.

To get Military Grants and Scholarships just Click Here

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Education Share

Volleyball Scholarships What’s Available

Many men’s and women’s high school volleyball players dream of someday playing for a university. And for many a college volleyball scholarship is an integral part of this dream. A volleyball scholarship is, after all, an ideal way to get your education paid for while playing a sport you love.

Unfortunately, there is not an abundance of scholarships out there waiting go be grabbed: college volleyball, like all collegiate sports, is a competitive industry with far more candidates than scholarships or positions. This leaves many players wondering about their odds: exactly how many volleyball scholarships are available each year?

The amount of volleyball scholarships available varies from division to division, as well as gender to gender. The completeness of the scholarship can also vary: there are both full and partial scholarships available. Here’s a basic breakdown:

NCAA Division 1, Division II, and Division III for Women’s College Volleyball

College volleyball scholarships are available for women in the first two divisions. Division I offers twelve full ride scholarships per team. You can figure out the exact number by multiplying twelve by the number of Division 1 volleyball teams. Per the NCAA regulations, these scholarships must be delivered in full to each athlete. In other words, one full scholarships can not be divided into partials and awarded to several different players.

A volleyball scholarship from Division II differs slightly. In Division II, eight full ride scholarships are available per team. Unlike Division I, the NCAA rules allow Division II scholarships to be broken up into partials and divided among many players. The way each volleyball scholarship is divvied up is the coaches decision. Depending on this division (i.e., whether a scholarship is divided into halves or thirds) dictates the amount available on any given year.

Technically, there are no Division III athletic scholarships available for volleyball players. Still, students hoping to play for a Division III school are eligible for both financial aid and academic scholarships.

NCAA Division 1, Division II, and Division III for Men’s College Volleyball

Each Division I and Division II school gets four and a half volleyball scholarships per team. Each of these scholarships can be divvied up and awarded to athletes per the coach’s desire. The coaches’ decisions control the amount of scholarships available on any given year.

Just as with women-s volleyball, there are no Division III athletic scholarships available for volleyball. Still, students hoping to play for a Division III school are eligible for both financial AID and academic scholarships.

In a sport as competitive as volleyball it’s advisable for student athletes to focus on their academics as well as their athleticism so that they have the best chance of being eligible for both athletic and academic scholarships.