Paying yourself first
Whether it’s a salary or dividends, there are different compensation models for businesses and we can help you choose the right option for you.
We can help you make sound financial decisions for your business
Our sensible solutions can help you improve your day-to-day business operations, while our insights can help you pay less tax and plan for the future.
Whatever stage your business is at, we can help expand your operations, attract & retain employees, and maximize year-end profits.
Whether it’s a salary or dividends, there are different compensation models for businesses and we can help you choose the right option for you.
We’ll help you make sense of the Federal Government’s proposed changes to income splitting and investing within a private corporation.
Planning your exit strategy from your business is the easiest way to ensure a smooth transition, when it comes time to finally step away.
Different businesses require different types of insurance, and we can customize a plan that protects you, your partners and your employees.
There are a number of factors and benefits to consider before you incorporate your business, and we can help advise you when the time is right.
Reducing your tax payable is always a top priority, and we’ll help you figure out which strategies will keep more money in your account.
That answer really depends on the individual circumstances of your business, such as your potential revenues, how many partners you have, and your overall goals as a business owner.
These are the 3 most common business structures in Canada:
To understand which one of these structures makes sense for you, there are three key factors to consider:
While no one can guarantee how the future will unfold, it’s always best to have a solid plan in place so you can avoid potential hassles in your business down the road.
Some of the steps you can take, include:
An IG Wealth Management advisor can help you figure out which options make sense for your business.
While every business has different tax-planning needs, there are a number of ways you can save on taxes for your business:
Employ your spouse or children
Consider paying them a reasonable salary for the services they perform for the business. The money you pay them will likely be taxed at a much lower rate, and it keeps the money in your family.
Incorporate your business
Depending on the level of your current business revenue, and whether your business generates more income than you need for personal lifestyle costs, it may make more sense to incorporate your business.
Profits would be taxed at a much lower corporate tax rate, and you would only be taxed personally for cash you actually need.
Whereas if you operated as a proprietor or as a partner, you get taxed on all business profits, whether you need all of the income generated or not.
Invest excess cash
The biggest bang for your tax dollar is accomplished by leaving profits in the company. If paying down debt or reinvesting in the business are not options for you, then a smart investment plan may be the next best thing.
An IG Wealth Management advisor can help you figure out which options make sense for your business.
An IG Wealth Management advisor can help you answer all your small-business and big-business questions.