ACCOUNTANT EXPLAINS: How to Build TAX FREE WEALTH in your BUSINESS (Only the 1% Know This)
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- Опубликовано: 29 июл 2023
- For the Canadian business owners out there, this video is for you. Thomas Chan, Insurance and Retirement Planning Expert, and I discuss insurance strategies to grow your wealth within your corporation TAX FREE.
This topic is advanced so make sure to reach out to professionals (accountants, tax consultants, insurance planners) to get proper advice on your specific situation.
Thomas Chan's RUclips Channel (Insurance and Retirement Planning): @ThomasCChan
Check out our other collaboration video on How to SAVE TAXES for business owners: • The Transition of Tax ...
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Check out my collab with @ThomasCChan on How to SAVE TAXES for business owners: ruclips.net/video/GAIF9JzTeM4/видео.html
HI Gabrielle! It was a fun experience!!
Great to be on the show!
Good topic only if you have substantial income. In reality, premiums and returns are out of sync since insurance companies only gains the most. Thanks, Gabrielle!🎉
When I see word "insurance", I turn off the video.🤣
Hmm, very interesting. I'm going to have to look into this. Thank you!
Very interesting idea 💡 🤔
Fantastic interview!
Thank you! 😀
Could you pls produce a video on whether to claim CCA on rental properties? And including current tax bracket, holding time, selling after retirement as variables? Thanks!
Question: whole life insurance, invest 50k, borrow against it a year later, the 50k principle in the Whole life insurance still grows, the loan amount you can use tax free... But only in the corp or is there a way to access those loan funds personally?
Pls correct me if I am wrong: this video is for people who has a cooperation, not for an individual, correct?
HI,
I just wanted to clarify.
When your company has a positive net income.
When you put the money in, is it considered an expense? If not, wouldn't you be liable for tax on net profit?
Is this a tool to lower income tax in your corporation and/ or transfer taxes to next generation?
If it is true, then does that mean you can zero out net profits every year to the Tax Shelter Account and loan it back?
Thanks!
Hi Barton.
You are using your after corp tax money to do this so it's not an expensive. And cannot write off you corp income tax.
However. Don't forget when you use this money to invest outside of this tool. Very likely you will be paying 50% passive income tax.
2nd part is when you loan it back out, if it's for business or investment purposes. Then interest can be write off as expense
I have 500k in term life insurance until im 65 to protect my family even though i have adult kids but i have grandchildren that i would like to help if im not around to help
Everything sounds great with insurance until the unfortunate event happens and you find out that you are not covered.