Five levels of tax planning for Canadian small business owners. We'll look at the tax planning strategies in order of risk and complexity plus you'll get a bonus tip from CPA Joe.

******************************

CONTENTS OF THIS VIDEO

00:00 Intro
00:42 Level 1 RRSPs and TFSAs
02:03 RRSP Summary
02:38 TFSA Summary
02:58 RRSP vs TFSA Which to Choose
03:34 Level 2 Incorporate Your Business
04:24 Drawbacks to Incorporating
04:54 Benefits of Incorporating
06:06 When Should You Incorporate Your Business?
06:43 Bonus Tip from Joe
07:23 Level 3 Corporate Structuring
07:45 Benefits to Using a Holding Company
09:21 Level 4 Health Insurance and Life Insurance
10:00 Health Insurance for Tax Planning
10:33 Life Insurance for Tax Planning
12:45 Level 5 Tax Havens and Loopholes
13:50 Final Thoughts

******************************

MENTIONED IN THIS VIDEO

► Tax Planning for Small Businesses Blog Post https://www.avalonaccounting.ca/blog/...
► How Marginal Tax Rates Work https://www.avalonaccounting.ca/blog/...
► When Should You Incorporate Your Business https://www.avalonaccounting.ca/blog/...
► Holding Companies in Canada https://www.avalonaccounting.ca/blog/...
► Canadian Millionaires Dodging Taxes https://www.cbc.ca/news/politics/kpmg...

******************************

AVALON ACCOUNTING

Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada.

We provide online bookkeeping, accounting services and expert financial advice for small businesses.

We are on a mission to educate small business owners through our YouTube channel, blog and free resources. Check out our links below to dive in.

******************************

CONNECT

► Website: https://www.avalonaccounting.ca/
► Blog: https://www.avalonaccounting.ca/blog
► Facebook:   / avalonaccoun.  .
► Instagram:   / avaloncpa  
► LinkedIn:   / avalonaccounting  

******************************

‍ ONLINE COURSES
► Take your business to the next level with our online courses.
https://www.avalonaccounting.ca/courses

ESSENTIAL FINANCIAL CONCEPTS FOR SMALL BUSINESSES (FREE COURSE)
► Keys to building a business that provides owners with time, money and purpose.
https://www.avalonaccounting.ca/cours...

LEARN MODERN BOOKKEEPING
► Learn to do your own bookkeeping with modern tools and our proven practices.
https://www.avalonaccounting.ca/cours...

BOOKKEEPING AND TAX FOR FREELANCERS
► This course teaches sole proprietors how to simplify bookkeeping and taxes.
https://www.avalonaccounting.ca/cours...

******************************

FAQs

► What Can I Writeoff? http://bit.ly/EXPENSESCAN
► Should I incorporate my business in Canada? http://bit.ly/INCORPCAN
► What is a shareholder loan? http://bit.ly/SHLOANCAN
► When and How Should I Hire an Employee? http://bit.ly/hirelikeapro
► Should I offer profit sharing? http://bit.ly/PROFITSHARECAN

******************************

FLOAT VISA $500 CASH BACK

Float Financial provides a company credit card built for modern businesses.

Check out our review for details

► https://www.avalonaccounting.ca/blog/...

Use our referral link to receive $500 cash back

► https://tinyurl.com/floatvisa

We may receive compensation when our link is used to sign up for a Float Visa.

******************************

20% OFF INCORPORATION WITH OWNR

If you are looking to incorporate (in Canada) and want to save some cash, check out Ownr with our affiliate link for 20% off incorporation costs:

► https://www.ownr.co/partners/avalona...

We may receive compensation when our link is used to sign up with OWNR

******************************

BEST ONLINE TOOLS FOR SMALL BUSINESSES

We've curated a list of our favorite online tools to help small business owners get stuff done and thrive. Check out our list linked below.

► https://www.avalonaccounting.ca/tools

******************************

FREE BUSINESS GUIDES:

► Starting Your Business Guide:
https://joecollins.typeform.com/to/bc...

► Business Owner’s Productivity Guide:
https://joecollins.typeform.com/to/zJ...

► Financial Foundations Guide:
https://joecollins.typeform.com/to/jF...

► $1 Million Dollar Service Based Business Guide: https://joecollins.typeform.com/to/e2...

► Manage Your Own Bookkeeping Course:
https://avalonacounting.thinkific.com...