If you have an incorporated business, you can save a ton of money on tax by setting up a PHSP and converting expenses that you are currently paying for with out of pocket personal after-tax dollars into fully deductible business expenses.
- You pay $6000 out of pocket for your child’s braces
- You would have had to pay yourself out of your company at least $9000, pay $3000 in tax, and then keep $6000 to cover the expense (35% tax bracket)
- You pay with after-tax dollars and this expense does nothing but cost you money and tax
New Option 2:
- You pay for your child’s $6000 braces directly through your company with a corporate cheque
- Your company pays a 10% admin fee and receives a full $6600 deduction to write off and lower your taxable income
What have we done?
We have taken a personal expense and converted it to a business expense.
PERSONAL AFTER TAX EXPENSE –> FULLY DEDUCTIBLE BUSINESS EXPENSE
Business owners want/need more write offs. You want to pay for as many expenses through your business as possible.This is a simple way using expenses you already have and are paying for.
Business owners want/need more write offs. You want to pay for as many expenses through your business as possible.
This is a simple way using expenses you already have and are paying for.
$6000 in medical expenses at a 35% tax bracket will save you over $4000 in tax.
Types of expenses include, but are not limited to:
Laser Eye Surgery
Crowns, Root Canals, BRACES, all dental work
Massage, Physio, Accupuncture, Chiro, Pediatrician, Optician
Ambulance services, wheelchairs
and much much more.
Call today for more information: 778 245 2262 firstname.lastname@example.org