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

March 01, 2022 00:50:40
Episode Cover

104. The Problem With Registered Retirement Plans | Bryan Bloom, CPA

Wealth Without Bay Street EPISODE #104: Today on Wealth Without Baystreet, we are pleased to have Bryan S. Bloom. Bryan has been a CPA...

Listen

Episode 0

June 28, 2023 00:28:40
Episode Cover

173. Kids And Money: The Power of Home Economy

Wealth Without Bay Street 173: Kids And Money: The Power of Home Economy How do you teach your kids to create value? Simple, we...

Listen

Episode 0

March 27, 2024 00:35:39
Episode Cover

212. The Go Giver Mindset With Bob Burg and Sarbloh Gill

Wealth Without Bay Street 212: The Go Giver Mindset With Bob Burg and Sarbloh Gill Are you ready to transform your approach to success...

Listen