In this episode, Jessie will be sharing valuable information regarding the 7 great benefits of keeping your insurance inside your corporation. So this video is targeted towards business owners or those who are planning on setting up their own business soon.
For those who have businesses or a corporation in Ontario, the active business income is going to be taxed at 15.5%. In Jessie’s point of view, you are likely going to be taxed at a much higher rate than the 15.5%. As soon as month goes from what your business is earning to a personal basis, the highest tax bracket can trigger another 30-32% tax. So if you could defer it further by keeping the money inside the corporation, then it would make sense.
So we mentioned about these 7 benefits… here are some hints:
- Keep your insurance in your corporation
- Tax-deferred growth
- Health and age issues
- The collateral loan
- Dividend account
- Disability insurance
Watch the video and let the top financial expert, Jessie Christo, explain the rest.
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