𝙋𝙖𝙨𝙨𝙞𝙫𝙚 𝙄𝙣𝙘𝙤𝙢𝙚 - 𝙊𝙥𝙩𝙞𝙤𝙣 2 𝙂𝙚𝙩 𝙈𝙤𝙣𝙚𝙮 𝙤𝙪𝙩 𝙤𝙛 𝙩𝙝𝙚 𝘾𝙤𝙧𝙥𝙤𝙧𝙖𝙩𝙞𝙤𝙣

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.

𝑇ℎ𝑎𝑛𝑘 𝑦𝑜𝑢 𝑓𝑜𝑟 𝑤𝑎𝑡𝑐ℎ𝑖𝑛𝑔 𝑡ℎ𝑖𝑠 𝑣𝑖𝑑𝑒𝑜. 𝐼 ℎ𝑜𝑝𝑒 𝑡ℎ𝑎𝑡 𝑦𝑜𝑢 𝑘𝑒𝑒𝑝 𝑢𝑝 𝑤𝑖𝑡ℎ 𝑡ℎ𝑒 𝑑𝑎𝑖𝑙𝑦 𝑣𝑖𝑑𝑒𝑜𝑠 𝑤𝑒 𝑝𝑜𝑠𝑡 𝑜𝑛 𝑜𝑢𝑟 𝑐ℎ𝑎𝑛𝑛𝑒𝑙:

►𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 𝐇𝐄𝐑𝐄: 𝗵𝘁𝘁𝗽𝘀://𝘄𝘄𝘄.𝘆𝗼𝘂𝘁𝘂𝗯𝗲.𝗰𝗼𝗺/𝗰𝗵𝗮𝗻𝗻𝗲𝗹/𝗨𝗖𝗜𝘀𝘁𝗾𝗧𝗩𝗝𝗬𝗛𝘄𝗶𝗼𝗹𝗣𝗰𝘆𝗿𝗝𝗰𝗸𝗤𝗴

𝙁𝙞𝙣𝙙 𝙋𝙧𝙚𝙘𝙚𝙙𝙚𝙣𝙘𝙚 𝙋𝙧𝙞𝙫𝙖𝙩𝙚 𝙒𝙚𝙖𝙡𝙩𝙝 𝙝𝙚𝙧𝙚:

𝗪𝗲𝗯𝘀𝗶𝘁𝗲: 𝗵𝘁𝘁𝗽://𝘄𝘄𝘄.𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝗰𝗲𝘄𝗲𝗮𝗹𝘁𝗵.𝗰𝗼𝗺/
𝗙𝗮𝗰𝗲𝗯𝗼𝗼𝗸: 𝗵𝘁𝘁𝗽𝘀://𝘄𝘄𝘄.𝗳𝗮𝗰𝗲𝗯𝗼𝗼𝗸.𝗰𝗼𝗺/𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝗰𝗲𝘄𝗲𝗮𝗹𝘁𝗵/
𝗧𝘄𝗶𝘁𝘁𝗲𝗿: 𝗵𝘁𝘁𝗽𝘀://𝘁𝘄𝗶𝘁𝘁𝗲𝗿.𝗰𝗼𝗺/𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝗰𝗲𝗽𝘄
𝗟𝗶𝗻𝗸𝗲𝗱𝗜𝗻: 𝗵𝘁𝘁𝗽𝘀://𝘄𝘄𝘄.𝗹𝗶𝗻𝗸𝗲𝗱𝗶𝗻.𝗰𝗼𝗺/𝗰𝗼𝗺𝗽𝗮𝗻𝘆/𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝗰𝗲-𝗽𝗿𝗶𝘃𝗮𝘁𝗲-𝘄𝗲𝗮𝗹𝘁𝗵
𝗜𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺: 𝘄𝘄𝘄.𝗶𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺.𝗰𝗼𝗺/𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝗰𝗲𝘄𝗲𝗮𝗹𝘁𝗵/

passive income,corporations,money,income,tax,wealth management,