Crossing the Corporate Veil: Tax Planning For Canadian Business Owners

May 22, 2024

Explore tax planning strategies for Canadian business owners, including salary vs. dividends, asset ownership, and maximizing wealth through strategic tax planning. Learn how to use retained earnings to fuel your wealth-building engine and the importance of owner involvement in tax planning. Discover the benefits of utilizing a corporate structure for tax optimization and unlocking wealth potential for business owners.

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Introduction

00:00 • 2min

Exploring Tax Optimization for Business Owners through the Corporate Veil

01:58 • 6min

The Importance of Owner Involvement in Tax Planning

07:49 • 3min

Maximizing Wealth Through Strategic Tax Planning for Canadian Business Owners

11:19 • 26min

Unlocking the Wealth Potential of a Corporate Structure for Canadian Business Owners

37:33 • 5min

Encouraging Listener Engagement and Sharing Success

42:15 • 2min

Are you tired of the salary vs. dividends debate for Canadian incorporated business owners?

In today’s episode, we’ll dig deeper into the land of personal and corporate tax minimization strategies to uncover some Canadian Wealth Secrets to tax-free or tax-optimized income from your corporation.

As incorporated entrepreneurs and investors, we are tirelessly working to optimize our businesses to increase income and reduce expenses - typically re-investing our profits back into our own business or seeking to grow those profits through other investment vehicles.

However, despite this endless commitment to growing our businesses and our investments, the vast majority of serial entrepreneurs and investors leave little to no time, energy and effort to understand how they can pay less income taxes in order to fatten those margins and ultimately unlock additional capital for reinvestment in whatever opportunity you feel is best for your wealth building path.

Big Takeaways:

Should I buy assets in my personal name or Canadian corporation?
How should I structure my personal income using salary and/or dividend? What’s the right mix?
How to create flexibility and security when mixing asset ownership on each side of the Canadian corporate border.
How to use your retained earnings as fuel for your Canadian corporate wealth building engine.

Resources:

Episode 66: Salary or Dividends? How Should I Pay Myself To Minimize My Tax Burden?
Book a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!
Looking for a new mortgage, renewal, refinance, or HELOC? Reach out to Jon to share some options.
Follow/Connect with us on social media for daily posts and conversations about business, finance, and investment on LinkedIn, Instagram, Facebook [Kyle’s Profile, Our Business Page], TikTok and TwitterX.

Ready to connect? Text us your comment including your phone number for a response!

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.