117. Business Owners Avoid Paying Taxes Legally In Canada

May 31, 2022 01:19:00
117. Business Owners Avoid Paying Taxes Legally In Canada
Wealth On Main Street
117. Business Owners Avoid Paying Taxes Legally In Canada

May 31 2022 | 01:19:00

/

Hosted By

Richard Canfield Jayson Lowe

Show Notes

Wealth Without Bay Street EPISODE 117: Joining us today is Henry Wong to talk about taxation on your business that may happen after you’re gone. Henry is a professional CPA and trains other CPA’s across Canada specialising in taxation and passing through the nationals exams. He chanced upon the book “Becoming Your Own Banker” and began to piece together all his knowledge of life insurance and financial accounting and soon began to pursue the journey of becoming his own banker. Henry now trains others as an accountant in how to build their own personal capital pool and manage their taxation through IBC.

IN THIS EPISODE, YOU WILL LEARN:

0:00 Introduction

2:04 Something to Think About as a Business Owner

5:18 Second Death and Income Tax Act in Canada

7:46 What is the Deemed Disposition

11:33 How Can This Affect the Business

15:52 Capital Flow of a Business

19:03 Levels of Taxes and Extracting Tax

22:36 Value of The Business Owner

24:44 Working Together With the CPA

28:38 Estate Planning and Deemed Disposition

37:33 Wind-up and Carry Back

39:48 Pipeline Restructure

44:17 Working With a Good Team

47:08 Succession Planning

50:01 Utilizing Term Insurance

56:17 Need For Insurance

1:01:21 What’s Best For You and Your Business

Other Episodes

Episode

June 29, 2021 00:30:44
Episode Cover

69. Authorized Infinite Banking Practitioner In Toronto

Launching Wealth Without Bay Street’s Advisor series, Cole Snell is an advisor with Ascendant Financial. As a career entrepreneur, his work has spanned decades...

Listen

Episode 0

September 18, 2024 01:14:32
Episode Cover

237: Hidden Ways to Funding Higher Education and Avoiding RESP Limitations!

Wealth Without Bay Street 237: Hidden Ways to Funding Higher Education and Avoiding RESP Limitations! BUY A COPY OF OUR NEW BOOK! Don’t Spread...

Listen

Episode 0

October 30, 2024 00:54:28
Episode Cover

243: Tax Implications of Leaving Canada

Wealth Without Bay Street 243: Tax Implications of Leaving Canada ORDER A COPY OF OUR NEW BOOK! Don’t Spread the Wealth: How to Leverage...

Listen