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Don't pay yourself as an employee and don't pay income taxes on your medical expenses
Manage episode 312117576 series 3221675
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This episode goes over a real world example of a chiropractor that we know that was really paying quite a lot in taxes when he didn't need to. Some of the main points that we go over include:
- In general, business owners should not be paying themselves as employees
- For everyone (business owners and employees), it is possible to pay for your extra medical expenses with pre-tax dollars so that you don't have to pay income taxes on the money you spend on you and your families medical expenses.
- For business owners, some types of insurance that you are paying for can actually be paid for by the bueiness with pre-tax dollars
- We also go over how there are some scenarios where business owners SHOULD pay themselves as employees if there is a justifiable reason to do so
- RRSP money is some of the most expensive money you can ever use if you need to access it before retirement for whatever reason
- Tax brackets have only ever gone up, so don't expect to be in a lower tax bracket when you retire because it might not be the case
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