For small business owners, understanding Canada’s tax laws can result in enormous savings both during their lifetime and upon their death.
For example, how you structure your business and choose to pay yourself as a business owner can have significant tax implications.
Consider these questions:
- Do you pay yourself a salary, dividends, or both?
- What are the tax implications of leaving a surplus in your company versus withdrawing it?
- What are the most tax-efficient ways of extracting value from your business?
- Are you making full use of your business to grow investments on a tax-advantaged basis?
You invest enormous energy and resources into growing your business, so it only makes sense to ensure you derive the maximum benefit from it in return.
At Rubach Wealth, we work with business owners to provide holistic financial planning that considers both your business and personal finances.
By making smart decisions about how you pay yourself and using all the relevant financial tools available, you can have more money to enjoy during your lifetime and more wealth to pass on to the next generation.