Money Moves: How to Pay Yourself as a Business Owner

In this episode, I am joined by Financial Planner, Aravind, for a deep dive into one of the most common (and misunderstood) questions for incorporated business owners: Should I pay myself a salary or a dividend?We unpack the myths, explore the tax mechanics, and walk through real-life planning considerations that go far beyond the coffee shop advice of “dividends are better.”  Spoiler alert: the answer is almost always “it depends"!  Our conversation included:The concept of tax integration and why it mattersWhy CPP is not the villain it is sometimes made out to beHow your business lifecycle affects compensation strategyWhat notional accounts are and why you should careThe impact of salary on disability insurance, mortgage applications, and moreWhy dividends can be a powerful tool especially when cleaning up corporate tax accountsThe importance of annual planning with your accountant and financial plannerCONNECT WITH MY GUEST:Twitter: @aravindsithamLinkedin: Aravind Sithamparapillai - https://www.linkedin.com/in/sithamparapillai/Instagram: @Aravind_sithamparapillaiHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"