Income Splitting Strategies For Canadians
With Canada’s tax system, two families with the same household income can pay radically different amounts of tax.
Learn multiple strategies to income split and reduce your household tax bill. It can mean not only less tax now, but also in the future too.
Income Smoothing Using A Corporation To Reduce Taxes
You are bound to have fluctuations in your income. Both over your long-term career and life cycle, but also year to year. Your consumption and the income required to support it will also fluctuate.
Learn how income smoothing using a corporation can minimize your taxes. That means more money for you to spend now or invest for the future.
Corporate Account Types: Know Where The Money Is
A corporation allows us to regulate money flow, like a giant dam. That could reduce taxes by releasing income smoothly. You can also allow money to pool in the reservoir.
There are different accounts that you can use to efficiently manage corporate cash flow. Some of those are real accounts with real money. Others are notional accounts tracked on paper. Learn where the money is to turn notional money into real money. And to manage that real money well.
How To Pay Salary vs Dividends From Your Corporation (Video)
You have to move the money out of your corporation and pay personal taxes to use it. Learn more about how to optimally do that using a combination of salary and dividends. The optimal mix will also change as your corporate investments grow. Learn why to ask the right questions and provide the right information to get the best out of your accountant.
Comprehensive Income Splitting Strategies (Video)
Income-splitting strategies aim to reduce the overall household tax bill by spreading out taxable income.
There are multiple ways that any Canadian can do that. However, the benefits are greatest for high-income households. They can mesh those strategies with other strategies available to incorporated business owners.
Join Dr. Zhou of Breaking Bad Debt and myself to learn how a household can save thousands of dollars per year through a comprehensive income-splitting plan.
Pension Basics For Self-Employed Professionals & Business Owners
Unfortunately, pension envy is leveraged by companies selling pension products. Products have benefits, but they come with costs and trade-offs.
Self-employed Canadians actually have multiple options to plan for their retirement. Including pension products.
Learn the basics of how pensions work and the options available to self-employed business owners.