8 Smart Income Splitting Strategies for Canadian Business Owners | Maximize Savings & Reduce Taxes!

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📌 Timestamps:
0:00 - Intro
0:46 - Who is Eligible for Income Splitting?
1:21 - Tax on Split Income (TOSI) Overview
1:37 - Strategy 1: Dividend Payments to Family
2:14 - Strategy 2: Dividends for Excluded Businesses
3:29 - Strategy 3: Salary Payments to Family
5:13 - Strategy 4: Retirement-Age Business Owners
6:15 - Strategy 5: RESP Contributions
6:01 - Strategy 6: Lifetime Capital Gains Exemption
6:31 - Strategy 7: Splitting Through Investment Income
7:10 - Strategy 8: Gifted Assets
7:28 - Conclusion

🇨🇦 Income Splitting Ideas For Business Owners
Are you a business owner looking to minimize your tax liability while financially supporting your family? In today's video, Allan Madan of Madan CPA reveals eight practical income splitting strategies every Canadian business owner should know!

💡 Key Topics Covered:
The benefits of income splitting for family financial support
Who qualifies for eligible income split?
Exploring Tax on Split Income (TOSI) and how to avoid it
Detailed strategies to reduce overall family tax burden

🔍 What You’ll Learn:
How to leverage dividend payments effectively
The significance of fair wages for family members working in your business
Strategies for retirees to optimize their tax burden
Insights into capital gains exemptions and RESP contributions

🙋‍♂️ Who Should Watch This Video?
Canadian business owners seeking to optimize taxes
Entrepreneurs interested in smarter tax planning techniques
Families looking to enhance financial security through legitimate tax strategies

💡 Takeaway:
Income splitting isn’t just a tax planning tool; it's a pathway to securing your family's financial future while minimizing taxes. Ensure you're utilizing the best strategies for your unique situation to maximize your benefits.

👤 Who Am I?
Allan Madan is a trusted CPA with over 20 years of experience in Canadian tax planning. As the founder of Madan Chartered Accountant, he specializes in guiding individuals and businesses through intricate tax challenges.

📞 Contact Us for Expert Tax Advice:
Website: https://madanca.com/
LinkedIn: Allan Madan
Twitter: Madan_CA
Facebook: Madan Chartered Accountant
Instagram: madanaccounting

📢 Disclaimer:
This video is intended for informational purposes only and should not be construed as personalized tax advice. Please consult a licensed professional for tailored guidance regarding your specific financial circumstances. Allan Madan and Madan Chartered Accountant are not responsible for any issues arising from the use of this content.