Paying My Spouse or Myself?
by Sole Proprietor
(Canada)
Owner's Draw vs. Employee Wages
I run a sole proprietorship. I employee my husband.
Does it save me money to pay myself or my husband? Since it goes to the same bank account it doesn't matter to us who gets the money.
In terms of the cost of payroll remittance, if I pay him or the cost of the tax I have to pay on the money I pay myself, which is the cost saver? Thank you!
My suggestion is to head on over to taxtips.ca and use their tax estimators, as it depends on other income, deductions, and credits you both may have. Don't forget to factor in the net income (loss) from your sole proprietorship.
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