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hi Im professor David Im here to talk about Canadian federal income tax and deferred profit sharing plans deferred profit sharing plans can only be done by an employer they cannot be done by an employee so basically what happens is you take money and the money is accumulated tax-free inside the deferred profit sharing plan and whenever you take the money out its taxes ordinary income theres no favorable treatment for capital gains or dividends or anything like that and theyre very flexible for employer theres sort of like a registered return a registered pension plan for the employee and they cant be used if the employer or the member of the family is a beneficiary of the plan so basically theyre not for shareholders theyre generally speaking just for employees the contributions are made by the employer only and theyre considered a taxable benefit to the employee and the earnings in the plan are taxed as the recruit and withdraws are not taxed at all so basically speaking it
