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GCSE, Green Chencinski Starkman Eles LLP Chartered Accountants, is a full-service, public accounting firm, primarily serving the small and mid-size, entrepreneurial business and professional sectors in Toronto Canada. GCSE’s experienced partners and professional, support staff strive to provide accounting and advisory services using an invaluable personal approach, designed to meet each client’s individual needs. This “personal touch”, combined with a full range of accounting, auditing, tax compliance and planning services allows GCSE to meet all your business and personal accounting requirements.

 
     
     
 
     
  Salaries to Family Members

Often, the principal business owner runs the family business with assistance from various members of the family. It is prudent to pay reasonable salaries to a spouse or a child who is in a lower tax bracket and participates in the business. This allows income that would otherwise be paid to the owner-manager to be split with the family members. In addition, the family members will have earned income for the purpose of earning CPP pension, RRSP contribution room and deducting child care expenses.

The work done by the family member should be supportable and the amount paid reasonable.
 
     
 
     
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