Don't Pay More Taxes Than You Need To
Death and taxes. Two guarantees in life. Sadly, unlike the jellyfish, I don’t hold the secret to immortality, but what I can do is help reduce the taxes you pay. Business owners and doctors often commiserate about how much they’re paying in taxes. Ironically, many of them are incorporated, which means they’re clearly not taking full advantage of their corporation!
After hearing this complaint over and over, and seeing many incorporated professionals unnecessarily pay thousands of dollars to the government, I decided to do something about it. One of the key focuses of my wealth management practice is to help alleviate this problem. We often tell our clients we have the time and resources to catch the mistakes their accountants can sometimes miss.
In the coming weeks and months, I will highlight some of the most powerful strategies we’ve used for doctors and business owners to find these tax savings. To get a flavour of what I’m talking about, here are some of the areas I’ll delve into:
- When does it make sense to incorporate?
- Should you pay yourself a salary, in dividends, or a combination of both?
- How you can use your corporation to pay for your children’s post-secondary education
- How to sell your business and not pay taxes on the capital gains
- Should you invest through your RRSPs, your corporation, or both?
- The advantage of owning investments (including property and insurance) within your corporation
Although you can’t completely avoid taxes, you can reduce the impact they have on your life. And while you can’t avoid death, you can increase your quality of life and achieve the financial goals you’ve set.
Stay tuned for regular tax-saving tips!