Christopher Boyle - Edmonton

I specialize in working with business owners and their other professionals (accountants, lawyers, etc) to utilize all tax efficient structures as possible. This has become more prevalent recently with the new federal tax changes in the past year. Business' have 2 different tax classes; active and passive income.
Active income is usually around the 11% (varies on province), the passive income (income made on assets that produce income that isn't the main source of the business, ie. Dentist owning real estate in his PC) is much higher at a rate of around 50% and then increase up to just under 75% on passive income over 50k annually. It doesn't stop there either. Many high net-worth individuals and business-owners are looking for ways to become more tax-efficient. There are a few options that can help that they may not have considered, such as Individual Pension Plans (owned by the corporation, thus rendering all contributions tax-deductible to your corporation) and Retirement Compensation Agreements (increasingly popular due to recent incremental increases in corporate tax.) Included in these tax efficient options is corporately owned life insurance. This asset class allows corporate money to grow tax free. There are strategies to discuss that allows for the business owner to access these assets in retirement very tax efficiently as well. One of my blog posts discusses this topic. A link can be found here!

Insurance that is owned by a corporation protects the business if the business owner passes away before succession can take place, and also has some powerful tax benefits as well as mentioned above. This type of planning is extremely important and we want your entire team to be involved, including your accountant and legal team. We would welcome an introduction to your team to ensure everyone is on the same page and working to give you the best advice and solutions.

Once again, each situation is unique, so if you would like some more information and education on how these options work, reach out to us by clicking here to schedule a meeting and find out how best utilize all options available to you!