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Listen "Tax Series Part 3. Understanding Corporate Taxes: A Guide to Paying Less Legally"
Episode Synopsis
Money Podcast Episode: Understand Taxation - Corporations, Sole Proprietorship, Dividends, RRSP Contributions, and More!
In this episode of the Money Podcast, hosts Jake and Lincoln, along with their guests Tina and Rick from First File Accounting, delve into the complex world of taxation. They discuss how corporations and sole proprietorships are taxed differently, the best tactics to employ when closing a business, the benefits of a tax-efficient balance between payroll and dividends, and how these financial strategies can impact your RRSP contributions. They highlight the constant changes in tax laws and underscore the importance of staying current for the sake of financial management. If you're a business owner or planning to become one, or simply interested in understanding financial dynamics, this podcast episode is an unmissable resource.
00:01 Introduction to the Money Podcast
00:33 Humorous Start: Jokes about Taxes
01:03 Deep Dive into Tax Avoidance and Tax Evasion
01:32 Debate on Taxes and Legal Theft
01:52 Discussion on Corporate Taxes
02:12 Insights into Bookkeeping and QuickBooks
02:33 Exploring the Best Ways to Close a Business
02:33 Discussion on Selling Assets and Closing a Business
03:10 Understanding the Difference between Sole Proprietorship and Corporation
07:47 Understanding Corporate Tax Structure
10:31 Exploring Dividends and Payroll in a Corporation
19:52 Understanding Child Tax Credit Benefits in a Corporation
24:49 Conclusion and Final Thoughts
In this episode of the Money Podcast, hosts Jake and Lincoln, along with their guests Tina and Rick from First File Accounting, delve into the complex world of taxation. They discuss how corporations and sole proprietorships are taxed differently, the best tactics to employ when closing a business, the benefits of a tax-efficient balance between payroll and dividends, and how these financial strategies can impact your RRSP contributions. They highlight the constant changes in tax laws and underscore the importance of staying current for the sake of financial management. If you're a business owner or planning to become one, or simply interested in understanding financial dynamics, this podcast episode is an unmissable resource.
00:01 Introduction to the Money Podcast
00:33 Humorous Start: Jokes about Taxes
01:03 Deep Dive into Tax Avoidance and Tax Evasion
01:32 Debate on Taxes and Legal Theft
01:52 Discussion on Corporate Taxes
02:12 Insights into Bookkeeping and QuickBooks
02:33 Exploring the Best Ways to Close a Business
02:33 Discussion on Selling Assets and Closing a Business
03:10 Understanding the Difference between Sole Proprietorship and Corporation
07:47 Understanding Corporate Tax Structure
10:31 Exploring Dividends and Payroll in a Corporation
19:52 Understanding Child Tax Credit Benefits in a Corporation
24:49 Conclusion and Final Thoughts
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