How to Pay Less Tax Through Your Business?
This week’s federal government budget illustrated that the federal government may be easing off its assault on small business owners. They are moving forward with the proposal to eliminate the tax on split income (TOSI) for dividends paid to non-participating family members within a business. They have eased off on the passive investment income that a business owner can keep within his/her business provided the investment income doesn’t represent more than $50,000 worth of income. But the question remains, ” how do you pay less tax through your business?”
What last year’s July 17th proposal showed business owners was the current federal government will stop at nothing to squash the entrepreneurial spirit in Canada and completely dismiss the rationale for going into business for yourself in the first place.
Today, the obvious questions I’m asked by business owners, “what are the tax-advantaged ways of getting money out of my business?” The following are 10 opportunities still available to business owners:
Pension Solutions Consultant/CEO
6 年Nice to see you have so many solutions for business owners especially in light of the Morneau tax measures.
Managing Director at Kenneth B. Gill & Associates
6 年Good post Chris. It is getting harder to keep what we earn ... every strategy helps.