tax credits

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GET YOUR EXTREMELY VALUABLE CORPORATE WEALTH ACCUMULATING REPORTS. If you are incorporating in BC visit http://corptaxpro.ca for your free corporate wealth accumulating reports such as THE SEVEN HUGE ADVANTAGES OF USING A CORPORATION TO ACCUMULATE WEALTH and WHY YOU MAY BE KEEPING CRA LAUGHING. Thinking of incorporating in BC? If your business is making over $50,000 per year and you are you looking for the right answers about if incorporating your new or existing business in Canada is right for you and your family then you are at the right place. Unfortunately, many people think their business is too small or they are presuming it is too much of a change and there may be a downside. As a result, significant amounts of money are being lost every year to taxes and for other reasons. BENEFITS OF INCORPORATING When you establish your new corporation in British Columbia, or any other province the benefits start with an immediate tax holiday which is the likelihood of deferring taxes for up to two years after creating a new corporation. On top of that, the final amount of combined business and personal taxes paid will be much less than your present amounts. What an incredible boost to cash flow! Personal tax reduction is due to dividend tax credits which are used to reduce the tax liability from personal income taken from a corporation. When this is combined with income splitting with family members you have what we call a corporate rocket, which is to say, a wealth accumulating situation. More Benefits Substantial tax savings and tax postponements will be enjoyed year after year. Corporations usually save and postpone tens of thousands of dollars of tax per year. The owners (shareholders and directors) are not personally liable for corporate income tax unless they conspire to remove funds from the company to avoid corporate tax. Other exceptions include non-compliance penalties for not filing tax returns. The corporation is automatically deemed to be a business for profit. Issues such as whether or not an undertaking could be deemed by Canada Revenue Agency as a personal non‐business activity, do not exist. Any type of business activity (consulting, services, ventures for profit) can be transferred to a corporation for tax favoured treatment and asset protection. Liability for corporate acts and debt are usually limited to the corporation. Personally exposed liabilities can be transferred to corporations except those related to professional activities. Please note that some legislation requires the personal liability of directors for situations such as safety issues, illegal acts, environmental regulations and fiduciary responsibility to the corporation. There is a much higher degree of privacy and non‐disclosure for private corporations' activities than for personal affairs. Institutions must treat corporate and personal assets as separate holdings. There is more flexibility for items such as protection of assets, transferring or sales of assets to or from a corporation, estate planning, asset continuity and payments to family members. The fact that that a business is a corporation often results in an increase in business. A corporation is often perceived as an established, stable business in comparison to an unincorporated business. A corporation has a perpetual existence. It continues on after the death of the individual. A few minutes talking to one of our seasoned tax professionals about if incorporating in BC may change your life. Ask about the amazing benefits of a tax holiday for new corporations and how income splitting works. Is incorporation in BC right for you? http://corptaxpro.ca/