IDFA Online Learning
Salaries, Dividends and Ownership: Determining Income
Recorded On: 11/30/2020
The number one question, and starting point, for financial discussions related to divorce is “What is his/her income?" This question becomes extremely difficult for all parties when one, both or others have holdings in companies. We will look at actual case examples to help understand how accountants, or financial advisors, should determine a starting point for income. We will start with a single company scenario, then look at a multiple company scenario. In addition, James will offer suggestions as to which expenses in the company/companies where further investigation is warranted, as they may not be needed to directly earn income, even though they may be tax deductible. James will provide examples of how some individuals use dividends and salaries to defer their income, while legally reporting income in different years for tax purposes.
CPA, CA, CDFA®
James has been a designated Chartered Accountant for 20 years and has worked in public practice, had postings of Chief Financial Officer, multiple Directorships and owned his own companies. James taught all facets of accounting and taxation at the local University for several years and has achieved multiple awards, including Top 20 Under 40 Best Young Entrepreneurs. His experience is strongest in forensic accounting and creating efficient accounting internal controls and systems. He has supported several legal firms in their divorce work and has the additional skill sets to meet with both sides in a collaborative setting. James lives in Nanaimo, British Columbia, Canada with his beautiful wife Mandy, teenage twin daughters, two German Shepherds and enjoys playing hockey.