permanent job and side business

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ali90
Posts: 7
Joined: Fri Apr 29, 2016 7:06 pm

permanent job and side business

Post by ali90 »

Hi,

I am doing a permanent job in Ontario and my marginal tax rate is 43.41%. Now I am planning to start a side business and was wondering if I draw income from that business how much tax would be applied. Because my income bracket already has 43.41% would income generated by my side business be also taxed at 43.41% when I withdraw salary from that or there is a workaround with some dividends way.

The reason I want to ask this if that if I will be taxed this much on the salary drawn from that business then it is not at all an attractive step and I will leave the plan as of now.
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