Tag: Salary Income

When to Incorporate Your Business

A corporation can be a fantastic financial planning tool. It gives flexibility on how to pay yourself, saves taxes, and helps to accumulate significant wealth. So, when is the right time to make the move and get incorporated? Accountants will often give you two fallback answers, these are: only when you have money left over in the corporation and only when you’re making over $200k per year. The problem is this advice is very generic and if you don’t do…

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Managing Cash Flow During A Crisis

With so many recent unknowns, it is understandable that cash flow has weighed heavily on people’s minds. That is why we decided to make this the focus of Ocean 6’s first-ever podcast, to share our tips on how to manage your cash flow in an environment that is constantly changing. Listen to the podcast and get the answers to some of our client’s most common questions.  How much cash should I have in my emergency fund? No one could…

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How To Pay Yourself If You’re Incorporated (Salary Vs. Dividends)

One of the most common decisions that a business owner or incorporated professional needs to make is how to pay themselves. Many entrepreneurs decide to incorporate their business and then pay themselves a salary out of their corporation, but this often results in paying higher taxes on their personal income.  One of the major advantages of being incorporated is you get the benefit and the flexibility of being able to decide how to pay yourself, paying yourself a salary isn’t…

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