Don’t pay yourself as an employee and don’t pay income taxes on your medical expenses

Andrew JohnsonMind Wealth PodcastLeave a Comment

This episode goes over a real world example of a chiropractor that we know that was really paying quite a lot in taxes when he didn’t need to. Some of the main points that we go over include:
  1. In general, business owners should not be paying themselves as employees
  2. For everyone (business owners and employees), it is possible to pay for your extra medical expenses with pre-tax dollars so that you don’t have to pay income taxes on the money you spend on you and your families medical expenses.
  3. For business owners, some types of insurance that you are paying for can actually be paid for by the bueiness with pre-tax dollars
  4. We also go over how there are some scenarios where business owners SHOULD pay themselves as employees if there is a justifiable reason to do so
  5. RRSP money is some of the most expensive money you can ever use if you need to access it before retirement for whatever reason
  6. Tax brackets have only ever gone up, so don’t expect to be in a lower tax bracket when you retire because it might not be the case
You can register for rur True Wealth Workshop and learn more about how you can pay less taxes and keep more of your money.

Leave a Reply

Your email address will not be published. Required fields are marked *