Reducing Taxation for your Business with BBI Assante Tax planning Using Private Corporations

tax planning Using Private Corporations

Facilitator: David Perkins, Assante Wealth Management

BLACK BUSINESS INITIATIVE (BBI) and ASSANTE WEATH MANAGEMENT – I want to thank you both for this phenomenal workshop.  I would like to take this opportunity to express my appreciation as well as compliment you.  The workshop was comprehensive and informative.  The tax guidance contained a significant amount of information.

Tax benefits based on the individual situation of the investor and business.  In 2015 there were major changes with the Taxes. This was an extremely informative Workshop.  This is about being well informed, secure and well advised. I found his guidance straightforward and thought-provoking. It really made me think about aspects of my business that I don’t normally have the time or objectivity to deal with.   As my business evolves in other directions I will utilize the methodologies dialogued.

The types of taxes:

  • Income sprinkler

  • Kiddie Tax

  • Life time Capital Gains

  • Corporate Passive Income

  • Reinvent fees for selling your business

  • Registering as a charity

  • If you make over $50,000 you are in a much higher tax bracket

  • Registering as a Not for Profit taxes are totally different

Some people use family members to help with the business.   If you are thinking of this you must pay them a salary according to revenue Canada regulations.  The tax general rule is to allow business owners an opportunity to be paid through dividends.   Government may apply a triple tax if thing are not complied or setup according to their regulations.   It is important that you have a salary per staff and it must be a livable income.

If you incorporate your business you can offer your staff shares in the business.  Between the ages of 18-24 is a very high tax bracket.  After 25 is when it decreases.  Incorporating your business it more secure however it does cost more.

The government has changed a number of taxation laws for business.  Whether it is a small business, incorporated, not for profit, association and the list goes on.

He provided resources for estate planning, tax management, risk management, investment strategy, cashflow planning and wealth planning, taxation planning, advance financial planning, investment management estate planning and so much more.   The point is he wants you to be smart, sure, and to be set for life.   They bring together products and services, with professional and financial solutions.

The mandate is that you are protected, well invested, be ready and prepared, and to be comfortable today.