We understand that you work hard for your money and you should be able to enjoy more of it. If you own a corporation, chances are you are hoarding your profits in your corporate account because you're scared to pay Canada's high-income tax rates.
Canada's high earners have a great tax burden that is unfairly shouldered on them. According to Stats Canada, in 2013 the top 10% earned 35% of Canada's total income yet paid 54% of all Federal and Provincial income tax.
With a tiered tax rate scale, the higher income earners end up paying much more in taxes than the average Canadian with rates as high as 48% in Alberta.
Canada's top personal income tax rate is second highest among G7 countries, behind only France.
With all these high taxes, most corporate owners have no choice but to leave their profits in their corporation and figure out a way to take them out tax efficiently later on in life.
The good news is we have that tax efficient strategy for you.
We have a solution that can help you save on taxes and provide your corporation with critical illness coverage.
We achieve this by using a jointly owned critical illness policy in which it's owned by the corporation and the shareholder who wants to transfer profits.
The policy has a 100% return of premium rider which enables you to be able to transfer your profits out. Learn more about how it works here.
What would happen to your business in the event that you had a critical illness such as a heart attack, cancer, or stroke?
Would your business survive without you for up to a year while you recover?
We always think a critical illness will never happen to us, but statistics show us that 1 in 3 Canadians will suffer from some type of critical illness.
With those stats, we need to realize the importance of having a lump sum payment to our corporation in that time of need. This will enable us to be able to hire someone to replace our position until we are able to come back to the company. You can relax and focus on getting better without having to worry about your company going under while you're away.
These are all valid concerns that all business owner should consider when planning for the future. With the ever growing need for more income upon retirement, it just makes sense to maximize as many tax strategies as you can find. As well we can see there is a clear need to protect your business in the event of a critical illness. We can cover off both of those needs in one product and solution.
Click here to learn more about how it works, and then come out for a free 1-hour workshop or request a quote today