Employee profit sharing plans are a very flexible employee benefit tool utilized by many employers to pay annual bonuses. Under current income tax regulations, income can be received by employees without C/QPP or EI contributions. There is no requirement for income tax withholdings at source. While an individual may be subject to normal quarterly installment payments, many employees are able to defer the tax until the following April. E.E.S. can develop a program for your Company and have it in place for your next bonus payout.
