Who do you know who is saving for retirement by leaving money inside their small business corporation?
This is a great way to build up funds since you get to invest 85% of your hard earned money instead of 50% after personal tax.
Yes it’s taxed when you take it out but that 35% head start is huge.
But what’s often overlooked is that these investments can yield some tax free withdrawals. Capital dividends are the one half of the capital gains on your investments. These can be paid out to the shareholder without incurring personal tax.
You’ll need my help with the CRA forms and declarations but the savings in a retirement portfolio is well worth it.
If you want an accountant that does more than count your winnings and file your taxes, that’s me.