{"id":869,"date":"2022-12-08T11:03:28","date_gmt":"2022-12-08T17:03:28","guid":{"rendered":"http:\/\/639215178141524ef1c6199c"},"modified":"2024-04-02T15:56:44","modified_gmt":"2024-04-02T21:56:44","slug":"the-wealth-building-toolkit-corporations","status":"publish","type":"post","link":"https:\/\/worbywealth.com\/the-wealth-building-toolkit-corporations\/","title":{"rendered":"The Wealth Building Toolkit: Corporations"},"content":{"rendered":"

Chris Worby is a Trusted Regina financial advisors and Wealth Management services provider<\/u><\/a>. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial and wealth management services to individuals, families and business owners in Regina and area<\/u><\/a>. Worby Wealth Management listens and provides a personalized financial plan. In our latest Worby Wealth Blog Post<\/u><\/a> we share details about corporations.<\/p>\n

<\/figure>\n

Tools<\/h2>\n

There are many tools that are useful to build wealth. Virtually everyone has access to account types such as RRSPs<\/u><\/a> and TFSAs<\/u><\/a>. These are accounts which have special tax treatments such that we can reduce our overall taxation while we are alive and accumulating wealth. Pensions and group RRSPs are also useful and often an employer will give additional funds to these plans which is of obvious benefit.<\/p>\n

For those of us who are not employees though, we may be able to use another tool – the corporation. If someone is self employed and legally able to have their corporation take their income, this can be very helpful.<\/p>\n

The key to using a corporation efficiently is that the earnings a taxpayer has is not all required. Active income for a small business conducted in Saskatchewan is taxed at a low rate of 11%. If a person\u2019s income level is high enough that they don\u2019t require all of it, leaving income behind in a corporation to invest may be much more efficient than taking it all as income and then investing.<\/p>\n

<\/figure>\n

Let\u2019s look at an example:<\/p>\n

John needs $95,000\/year after tax for lifestyle but earns $250,000\/yr gross. If he took all this money, paid tax and then invested the remainder, he\u2019d have approximately $66,760* to invest at the end of the year.<\/p>\n

If he were able to and chose to use a corporation however, he\u2019d take $130,000 gross income from the corp and pays approximately $35,000 in tax leaving $120,000 behind. 11% tax for taxes leaves him with $106,800 for investing.<\/p>\n

The difference of using a corporation in this example leaves him with an additional $39,920 or 60% more money to invest to build his wealth.<\/p>\n

Conclusion<\/h2>\n

Clearly, corporations are a fantastic tool for building wealth. The next blog is going to look at strategies to get this money out of the corporation on a tax advantaged basis.<\/p>\n

*all personal tax calculations are estimates based on taxtips.ca<\/u><\/a> tax calculator<\/p>\n

Questions regarding corporations?<\/h2>\n

If you have questions about corporations or types of investments, then contact Worby Wealth Management<\/u><\/a> to get your questions answered and start investing today.<\/p>\n

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and\/or exchange traded funds are offered through Investia Financial Services Inc.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Chris Worby is a Trusted Regina financial advisors and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial and wealth management services to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial […]<\/p>\n","protected":false},"author":1,"featured_media":937,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[11,1],"tags":[],"yoast_head":"\nThe Wealth Building Toolkit: Corporations - Worby Wealth Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/worbywealth.com\/the-wealth-building-toolkit-corporations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Wealth Building Toolkit: Corporations - Worby Wealth Management\" \/>\n<meta property=\"og:description\" content=\"Chris Worby is a Trusted Regina financial advisors and Wealth Management services provider. 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