117. Business Owners Avoid Paying Taxes Legally In Canada

Wealth Without Bay Street EPISODE 117: Joining us today is Henry Wong to talk about taxation on your business that may happen after you’re gone. Henry is a professional CPA and trains other CPA’s across Canada specialising in taxation and passing through the nationals exams. He chanced upon the book “Becoming Your Own Banker” and began to piece together all his knowledge of life insurance and financial accounting and soon began to pursue the journey of becoming his own banker. Henry now trains others as an accountant in how to build their own personal capital pool and manage their taxation through IBC. IN THIS EPISODE, YOU WILL LEARN: 0:00 Introduction 2:04 Something to Think About as a Business Owner 5:18 Second Death and Income Tax Act in Canada 7:46 What is the Deemed Disposition 11:33 How Can This Affect the Business 15:52 Capital Flow of a Business 19:03 Levels of Taxes and Extracting Tax 22:36 Value of The Business Owner 24:44 Working Together With the CPA 28:38 Estate Planning and Deemed Disposition 37:33 Wind-up and Carry Back 39:48 Pipeline Restructure 44:17 Working With a Good Team 47:08 Succession Planning 50:01 Utilizing Term Insurance 56:17 Need For Insurance 1:01:21 What’s Best For You and Your Business