The employer won’t have to deduct CPP and EI because those are employment withholding requirements. They also will not have to pay for employment benefits and vacation pay. The cost of CPP and EI per employee could be higher than $3,000, so you can imagine the savings.
Yes, the principal residence exemption will be adjusted based on the amount of time one is a non-resident. If an individual is a non-resident for the entire year, the individual will not be entitled to the principal residence exemption.
In order to be eligible to make quarterly corporate tax instalments, you must meet several criteria including being in perfect compliance history and having taxable income of $500,000 or less in current or previous years. For exact eligibility criteria, please click here.
Generally, a company cannot declare a dividend above and beyond the retained earnings of the company on the dividend declaration date. You must wait until the company generates additional earnings before declaring additional dividends.
In order to claim employment expenses incurred to earn employment income, you need to request a signed T2200 from your employer. However, the CRA has specifically mentioned that if you buy a computer or other capital assets, you cannot deduct this cost. Further, you cannot capitalize and depreciate (claim CCA) on capital purchases.