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beyond MD with Dr. Yatin Chadha
Ep #80: The Relevance & True Cost of CPP (Canada Pension Plan) for Small Business Owners - with Aravind Sithamparapillai
Dec 12, 2024
Aravind Sithamparapillai, an associate at Ironwood Wealth Management and known as a tax ninja, dives deep into the Canada Pension Plan and its implications for small business owners. He simplifies complex tax topics like salary vs dividends and discusses tax integration across provinces. Fascinatingly, he compares CPP contributions with personal investment strategies, highlighting the long-term security CPP offers. He also sheds light on lesser-known CPP benefits, including disability and family support, making financial planning more accessible for listeners.
51:50
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Quick takeaways
- Understanding the implications of CPP contributions is crucial for small business owners to effectively manage their financial planning and tax strategies.
- The comparison between salary and dividends reveals that while dividends may appear beneficial, salaries often provide a more tax-efficient approach to income distribution.
Deep dives
The Miracle on Ice and Personal Reflections
The episode begins by recalling the historic 'Miracle on Ice' hockey game where the U.S. Olympic team defeated the Soviet Union in 1980, paralleling significant historical events such as the declaration of smallpox eradication and the onset of a major recession. The host dedicates the episode to his late grandmother, sharing personal anecdotes that reflect on her impactful role in his life, raising themes of family, spirituality, and love for good food. He emphasizes two key lessons learned from her: prioritizing family and pursuing one's work with passion. This dedication sets a reflective tone for the episode, intertwining personal loss with broader themes of legacy and remembrance.
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