120. Corporate Tax Landmines In Canada with Henry Wong

Wealth Without Bay Street EPISODE 120: Featured on today’s episode is Henry Wong, explaining how you, as a business owner, can avoid corporate tax landmines in Canada. Henry is a professional CPA and trains other CPA’s across Canada specializing 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 3:14 The Flow of Capital 5:29 The Theory of Integration 10:21 Landmine #1 – Shareholders Get Benefits From Their Company 15:47 Landmine #2 – Shareholder Borrowing 21:42 Golini Case Study 29:49 What Can Happen If You Go With Shareholder Borrowing 33:51 Know Your Fine Print 38:25 Get Connected With The Right Advisors Golini Case File https://www.canlii.org/en/ca/tcc/doc/2016/2016tcc174/2016tcc174.html Tax Court Ruling a Cautionary Tale for Small Business Owners https://www.advisor.ca/columnists_/florence-marino/shareholder-borrowing-is-a-shareholder-benefit-but-how-much-is-it-worth/