Are you self-employed? If yes, you may want to think about eventually turning your business into a corporation. There are two strategic financial benefits gained by incorporating. 1) You pay less tax. The tax rate for corporations is much lower compared to sole proprietors. And 2) You will have limited liability, which means only your corporate assets are at risk, and not your personal assets such as your car or house. When it's time to turn your business into a corporation, make sure you use the Section 85 rollover for transferring your business assets to your new corporation. If you don't, you will end up paying a lot in taxes that could have been avoided. In this video, I explain further. 0:33 – 1st financial benefit of incorporating 1:11 –Transferring your business assets to a corporation 1:44 –This is where section 85 comes in 2:15 –Some rules to follow using this section 2:40 –So here's the tip! Visit our website for more information and tax-related advice: http://madanca.com Follow us on social media Twitter: https://twitter.com/Madan_CA Facebook: https://www.facebook.com/MadanCharter... Instagram: https://www.instagram.com/madanaccoun... Google+: https://plus.google.com/1085518694535... Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Why you should use Section 85 when incorporating your business - Tax Tip Weekly - YouTube |
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