Small Business Tax Rate: What Business Owners in Canada NEED to Know!
Control and Compound with Darren Mitchell · Control and Compound Financial | BNV Media
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Show Notes
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On today's episode, Darren and Christina break down the Canadian small business tax system, including how much business owners really pay. They discuss the small business tax deduction, what happens when your business earns over $500,000, and why tax rates vary by province.
They also dive into corporate structuring strategies, the benefits of holding companies, and how to minimize taxation using high cash value life insurance. If you're a Canadian business owner, you won't want to miss these crucial insights!
Show notes:
00:00 - Introduction
1:35 - Who qualifies for the tax deduction?
4:55 - Example of first $500,000
7:15 - Example of after $500,000
13:15 - How to avoid paying unnecessary additional tax
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