DIVIDENDS, PAYROLL AND T SLIPS 

Dividends vs salary

Dividends vs salary (wages)

Each year, you have to decide how you want to pay yourself as a small business owner – dividends, wages, or some of each. We'll run the numbers and explain the pros and cons of each.

Dividends are simple and often mean you keep a bit more money in your pocket. A wage is a deduction to the corporation, where the corporation doesn’t pay tax on your salary, but you are taxed personally. 

T slips

T slips (T4 or T5) 

Whether you pay yourself a salary or dividends, we'll make sure the appropriate T4 or T5 slip is filed by the February 28 deadline to avoid penalties. 

Payroll support

Payroll support (annual, quarterly or more) 

Annually – We can help you decide whether dividends or wages are best for you and your business partners. 

Quarterly – You’re running your own payroll, but we can help. We’ll check in quarterly to see if you have questions and can review your settings. 

Monthly or more – Need a hand with monthly payroll? True North can help you get set up or take it completely off your hands — ask us how. We'll take care of your complete payroll including full CRA representation, monthly, semi-monthly or bi-weekly pay runs, T slips and more.

 
 

Plans and Pricing

Whether you’re just starting out or a “chief something officer,” we can handle your taxes and set you up for success.

Find the plan that’s best for your business.

 
 

Learn more about how we take care of all your accounting needs.