Your Chief Financial Officer, Roxanne Arnal, Certified Financial Planner (c) and Optometrist, provides tips to answer this question with an illustrative example of a solo owner of a Professional Corporation with $155,000 of taxable employment income. While there is not a quick and definitive answer, understanding the basic differences between personal and corporate investing will lead you to the right answer.
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Creating a Professional Corporation is a privilege that exists in most provinces in Canada. Many years ago, the tax benefits were obvious. With the tax reforms of the late 2010s, near perfect integration was achieved. Today, creating a professional corporation is no longer a simple decision.
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Understanding how taxes work is the first step in reducing your tax burden. Roxanne Arnal, Optometrist and Certified Financial Planner breaks down tax terms that may feel unfamiliar and confusing.
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Roxanne Arnal, Optometrist and Certified Financial Planner discusses whether you should take a salary or dividends for those owning professional corporations. Finding the right balance between extra lifestyle withdrawals for additional investing vs corporate investing needs to be reviewed on an ongoing basis.
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Roxanne Arnal, Optometrist and Certified Financial Planner discusses whether you should invest in a RRSP or a TFSA. She draws a side by side comparison of the two account types and provides some general guidelines on how to make the decision.
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