One of the things we see a lot when working with successful business owners, incorporated professionals, and entrepreneurs is that these individuals decide to get incorporated but they don’t take full advantage of their corporate structure.
What we highly recommend is that, as a business owner, you leave as much money in your corporation as you can. Don’t take out money to pay down your mortgage, and don’t take out money that you don’t need to spend.
Leave as much money as you can in your corporation, plan for your retirement in your corporation, and utilize your corporation to maximize your tax efficiency and pay taxes at a much lower rate.
Watch the video on this strategy
If you want to learn more about how to use your corporation to maximize your tax efficiency and ensure that you’re getting the most benefits from your corporation, book a call, we’d be love to run you through our full financial planning process.