Estate Agents Tip: Tax Savings Strategy for Real Estate Agents Canada
This video covers a unique tax savings strategy for real estate agents in Canada. If you are a real estate agent, then it is very important that you watch this video.
As a real estate agent in the top marginal bracket in the province of Ontario, you are paying tax at a rate of 46.4%. Now, wouldn’t it be nice if you could incorporate and pay tax at a rate of 16.5%? 16.5% is the corporate income tax rate for small businesses in Canada. Unfortunately, the Real Estate Council of Ontario (RECO) does not permit Real Estate agents to incorporate.
So how do we solve this dilemma? It involves a series of steps using a management company. This video will walk you through those steps.
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Table Of Contents
01:07 – Create A New Corporation Owned By Your Spouse
01:30 – Expenses Managing Company Should Pay For
01:59 – Labour Hours
02:13 – Pay Monthly Cheque To Management Company
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. 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.
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