In a June 26, 2003 Tax Court of Canada case, the taxpayer was a "supervisor" with a construction company but filed his tax return as an independent contractor and deducted expenses accordingly. CCRA argued that the individual was an employee and his deductions were restricted.
Good News! The Court found that the individual was an "independent contractor", not an "employee", and noted that:
Editor's Comment: There are serious implications for the payer if CCRA successfully challenges the "independent contractor" status. A CCRA Ruling could be considered.
A 62 year old person who had been maximizing RRSP contributions every year established an IPP in his corporation for 2003. The deductible corporate contributions for 2003 are - past service $109,600, current service $22,400, for a total of $132,000. For 2004 and 2005 the deductible contributions are $24,100 and $25,900 respectively. The deductible contributions will vary, depending on the taxpayer's circumstances. These tax deductible contributions are considerably greater than would be available with an RRSP. These Plans are complicated and require actuarial calculations. They are generally beneficial to individuals over age, say, 40 earning a base salary of more than $100,000.