The Associated Client Benefit
The T4 and T5 slips are recording the amount of money that the entrepreneur has taken out of the business. Since an entrepreneur can only take money out of their business through a salary or a dividend, a T4 records all the salary taken from the business, where the T5 records all of the dividends.
At some future time all business owners will be looking to retire and either cease operations or have the company continues to operate. Either way, the fundamental process for exiting should be planned well in advance of the occurrence. At the appropriate time, our service providers will begin to put in place an exit strategy that will facilitate and address all of the key issues surrounding this important business decision. Our aim once again is to ensure that all the bases are covered and that every potential tax consideration has been properly planned for.