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Ep.023: Costly Tax and Investment Planning Mistakes Made By Business Owners
Summary
In this episode, Guillaume Girard and Sam Lichtman discuss the four most common mistakes made by business owners, focusing on the implications of salary versus dividends, the importance of notional accounts, and the benefits of leveraging the lifetime capital gains exemption. They also explore investment strategies for business owners to optimize their financial growth and tax efficiency.
Topics Covered in this Episode
00:00 Introduction to Business Owner Mistakes
11:15 Understanding Salary vs. Dividend Payments
25:18 Utilizing Notional Accounts for Tax Efficiency
31:08 Tax Implications of Foreign Income
36:42 Understanding the Capital Dividend Account
43:39 Lifetime Capital Gains Exemption Explained
55:45 Common Investment Mistakes in Corporations
Work with Millen Wealth Advisors
Book an intro meeting: https://www.mwadvisors.ca/
Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
Follow Sam and Guillaume on Social Media
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Guillaume’s Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Keywords
business mistakes, salary vs dividend, notional accounts, lifetime capital gains exemption, investment strategies, financial planning, corporate structure, tax efficiency, retirement planning, wealth management
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By Guillaume Girard & Sam LichtmanSummary
In this episode, Guillaume Girard and Sam Lichtman discuss the four most common mistakes made by business owners, focusing on the implications of salary versus dividends, the importance of notional accounts, and the benefits of leveraging the lifetime capital gains exemption. They also explore investment strategies for business owners to optimize their financial growth and tax efficiency.
Topics Covered in this Episode
00:00 Introduction to Business Owner Mistakes
11:15 Understanding Salary vs. Dividend Payments
25:18 Utilizing Notional Accounts for Tax Efficiency
31:08 Tax Implications of Foreign Income
36:42 Understanding the Capital Dividend Account
43:39 Lifetime Capital Gains Exemption Explained
55:45 Common Investment Mistakes in Corporations
Work with Millen Wealth Advisors
Book an intro meeting: https://www.mwadvisors.ca/
Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
Follow Sam and Guillaume on Social Media
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Guillaume’s Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Keywords
business mistakes, salary vs dividend, notional accounts, lifetime capital gains exemption, investment strategies, financial planning, corporate structure, tax efficiency, retirement planning, wealth management