Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, examines how investment income earned in a private Canadian corporation is taxed. He shows that, due to an “investment advantage” for most types of investment income in the majority of provinces, it may be best to retain after-tax investment income in your corporation.
Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, highlights the advantages and disadvantages associated with different compensation decisions of owner-managers, discusses strategies to minimize taxes, and provides advice on effectively managing business and personal finances.
Most entrepreneurs are meticulous money managers where their business finances are concerned. But having a plan for your personal finances is just as important, especially since business and personal finances are often interrelated to a significant extent.
You may be able to find valuable opportunities to leverage your situation as a business owner. Answer these questions to determine if your personal and business financial arrangements could be better managed.