120. Corporate Tax Landmines In Canada with Henry Wong

June 21, 2022 00:42:27
120. Corporate Tax Landmines In Canada with Henry Wong
Wealth On Main Street
120. Corporate Tax Landmines In Canada with Henry Wong

Jun 21 2022 | 00:42:27

/

Hosted By

Richard Canfield Jayson Lowe

Show Notes

Wealth Without Bay Street EPISODE 120: Featured on today’s episode is Henry Wong, explaining how you, as a business owner, can avoid corporate tax landmines in Canada. Henry is a professional CPA and trains other CPA’s across Canada specializing 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

3:14 The Flow of Capital

5:29 The Theory of Integration

10:21 Landmine #1 – Shareholders Get Benefits From Their Company

15:47 Landmine #2 – Shareholder Borrowing

21:42 Golini Case Study

29:49 What Can Happen If You Go With Shareholder Borrowing

33:51 Know Your Fine Print

38:25 Get Connected With The Right Advisors

Golini Case File

https://www.canlii.org/en/ca/tcc/doc/2016/2016tcc174/2016tcc174.html

Tax Court Ruling a Cautionary Tale for Small Business Owners

https://www.advisor.ca/columnists_/florence-marino/shareholder-borrowing-is-a-shareholder-benefit-but-how-much-is-it-worth/

Other Episodes

Episode

August 21, 2024 00:51:48
Episode Cover

233. How to Build Mental Toughness and Achieve Optimal Health with Robb Evans

Wealth Without Bay Street 233: How to Build Mental Toughness and Achieve Optimal Health with Robb Evans PRE-ORDER A COPY OF OUR NEW BOOK!...

Listen

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

October 26, 2021 00:41:53
Episode Cover

86. Real Estate Investor for 30 years turns Life Coach – Gina Yarrish

Gina Yarrish helps business owners and entrepreneurs get over the fears of selling, self-sabotage and reluctance so they can easily double and triple revenue...

Listen