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Canadian small business owners have been advised to pay themselves either a salary or, at the very least, bonus down to the small business deduction level or face punitively high corporate tax rates on income not eligible for the preferred small business tax rates. But, a look at the theory of integration, which examines both current corporate income tax rates as well as ever-changing personal tax rates on dividends, would suggest that in some cases, dividends may be the preferred method o.
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CCPCs FAQ
Are dividend reinvestment plans (DRIPs) taxed? Yes. DRIPS are still considered income, even though you did not receive that income in cash. If you have a DRIP that allows you to purchase shares at a discount using reinvested dividends, you must report the fair market value of those shares as income on your tax return.
Because dividends are issued to shareholders out of a company's retained earnings, a struggling company may choose to suspend dividend payments to safeguard its financial reserves for future expenses.
When you reinvest dividends, for tax purposes you are essentially receiving the dividend and then using it to purchase more shares. So even though the dividend doesn't pass through your hands in cash form, it's still considered taxable income.
Bonuses are considered wages and are taxed the same way as other wages on your tax return. However, the IRS doesn't consider them regular wages. Instead, your bonus counts as supplemental wages and can be subject to different federal withholding rules than your regular wages when your get paid your bonus.
Do you pay taxes on stocks you don't sell? No. Even if the value of your stocks goes up, you won't pay taxes until you sell the stock. Once you sell a stock that's gone up in value and you make a profit, that's when you'll have to pay the capital gains tax.
Your “qualified” dividends may be taxed at 0% if your taxable income falls below $44,625 (if single or Married Filing Separately), $59,750 (if Head of Household), or $89,250 (if (Married Filing Jointly or qualifying widow/widower) (tax year 2023). Above those thresholds, the qualified dividend tax rate is 15%.
When there is tax savings, the total corporate and personal tax using a dividend strategy is lower than the personal tax with a bonus, which is called “over-integration.” With lower total tax, you would receive more cash with dividends than with a bonus.
Keep in mind: You can't avoid taxes by reinvesting your dividends. Dividends are taxable income whether they're received into your account or invested back into the company.
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