Sole proprietors can utilize a wide range of tax savings techniques. You can claim many of the same expenses and deductions as corporations. Watch this video to find out more.
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https://www.youtube.com/watch?v=dG_TOExHRss
Timeline:
00:45 -- Take advantage of non-capital losses
01:06 -- Pay wages to family members for income splitting
01:32 -- Claim relevant expenses to your business
02:02 -- Consider incorporating your business
Disclaimer:
The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
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