Summary

Guillaume Girard discusses strategic tax planning for business owners, focusing on RRSP utilization, compensation structures, and future exit planning to optimize wealth and minimize taxes.

Topics Covered in this Episode

00:00 Introduction: Common Financial Mistakes for Business Owners

00:55 The Role of RRSP in Tax-Efficient Wealth Building

01:42 Deciding Where to Invest Surplus Cash: Business or Personal

03:10 Tax Layers and Strategies for Extracting Money from Your Business

04:01 Diversifying Wealth: Building a Second Business or Portfolio

05:43 Tax Changes and Protecting Your Wealth

06:27 RRSP as a Strategic Tool for Long-Term Tax Reduction

07:20 Understanding Salary vs Dividends for RRSP Room

09:54 The Integration of Corporate and Personal Taxes

11:38 Investing Inside vs Outside the Corporation

16:40 Passive Income Rules and Corporate Investment Limits

22:44 Preparing Your Business for Sale and Capital Gains Exemption

24:28 The Individual Pension Plan (IPP) as an Alternative to RRSP

26:24 Risk Management: Protecting Assets from Creditors

27:30 Retirement Income Strategies and Withdrawal Planning

30:10 When Does an RRSP Strategy Make Sense?

32:30 Key Takeaways and Final Advice for Business Owners

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