Owner Operator?

Discussion in 'Canadian Truckers Forum' started by Champagne mane, Feb 24, 2019.

  1. HighwaySuperTramp

    HighwaySuperTramp Medium Load Member

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    Feb 8, 2015
    0
    I'm learning stuff lol.

    I just paid myself nothing and gave myself bonuses from time to time for all my hard work.

    I guess that would be a dividend lol.
     
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  3. gokiddogo

    gokiddogo Road Train Member

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    Mar 5, 2012
    Ontario Canada
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    Here's my thought and numbers
    75k gross
    15k rrsp
    Meal deduction is another say 13k or so
    Knocks my taxable income way back... I only pay almost exactly 10%, think it was 7400 something, in federal and provincial tax. Grows my rrsp quickly at a relatively young age (31). About halfway to my 250k rrsp/tfsa goal. I figure at 250k and doubling every 10 years or so over 30 years it will be worth about 2m. I am good at forgetting about it. And once I make 250 in there I can feasibly spend 100% of my disposable income beyond that point if I want to. Taking a very small pay monthly helps me give a lot less to restaurants and casinos. If I had to save it all year I'd never come up with retirement money. Plus I'm not giving it up front to the government at 0% just so they can give it back at tax time hell with that.
     
  4. Cheemanavjot5599

    Cheemanavjot5599 Bobtail Member

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    0
    Jan 3, 2020
    0
    Hey guys i am confuesed so i am hiring a guy he own truck and trailer but he wanted to work in our authority so do i need to put his truck in our dot number or only cargo insurance and sign on truck will be good
     
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