I work with multiple Realtors on their tax planning and reporting, and I often get the question ‘Should I incorporate?’
Incorporating can be a very powerful tool for small business owners to reduce current income taxes, and to build an efficient investment portfolio inside the corporation to support you long-term financial goals.
People often assume you have to be earning a lot of money for incorporating to save enough tax to make it worth the extra costs. While it’s true the tax savings should outweigh the costs, the answer of how much income it takes to make it worthwhile depends on each individual’s situation and cost of living. If you can split income to a lower-income spouse, the savings kick in much faster. And the lower your cost of living, the more tax you can save by incorporating.
Personal Real Estate Corporations – a discussion of tax advantages
Click the image or link above to download my presentation on the potential tax savings for a Real Estate Agent in BC.
The savings are even a little bit better for business owners who don’t have the additional licensing costs.
Please take a moment to sign the online petition from the campaign sponsored by many Canadian medical associations:
The Federal Government is considering taxing your health and dental benefits. This means hundreds or thousands of dollars added to your tax bill when you file! It also means that Canadians may be at risk of losing their coverage if their employer can’t afford to keep them insured.
These plans provide preventive care not covered under your provincial health services, including prescription drugs, vision care, mental health services, dental care, nutrition counselling, and musculoskeletal care. All this is at risk!
Without proper health care benefits, more Canadians will enter the public system with greater health needs, driving up costs.
The Federal Government needs to hear from Canadians that taxing these essential health benefits is a bad idea, and the negative effect this could have on middle class Canadians and their families.
Taking needed care away from millions of Canadians is not the way to address fairness and equity.