A big advantage of incorporating is having the flexibility to pay yourself a salary or dividends. We recommend paying yourself dividends to help reduce the personal income tax. You also don’t have to pay into CPP and can leave that extra money in your corporation to invest as you like.

Now, this raises the question, how do you get all the money out of the corporation effectively after building up assets for 10-20 years?

The strategies will differ based on your unique financial situation, but the four things you’ll want to consider are:

1. Continuing to drip out dividends each year.
2. Lowering your corporate tax using the Refundable Dividend Tax on Hand concept.
3. Using the Capital Dividend Account to withdraw cash out of your corporation tax-free.
4. Making the most of leveraging strategies to build your wealth

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At Ocean 6, we love being entrepreneurs. We love coming to work and coming up with new ideas that bring life-changing value to you. Because we don’t just want to make a difference– we want to make a profound difference. We do it by channeling our passion into our unique ideas and process, leading to your one-of-a-kind Blueprint.