Get the Money out of the Corporation using an RRSP: If you have RRSP Room one of the quickest and easiest ways to decrease some of that passive income is to pay it out as T4 income to the shareholder and then deposit into their personal RRSP.
When this occurs the corporation received a Tax Deduction and the person receives taxable income. However, the RRSP contribution then offsets the income making this a complexly Tax neutral transaction.
The issue with this strategy is that most people do not have significant RRSP Room to really move the needle for someone that is experiencing the clawback
Precedence Private Wealth is a full-service financial planning firm located in Saskatoon Saskatchewan. We specialize in wealth management, insurance planning, tax planning, mortgages and financing, employee benefits and savings plans. We are the founders of the Precedence Mortgage Strategy.
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