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.
permanent job and side business
Moderator: Mark T Serbinski CA CPA