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