Common onboarding messes and missed opportunities

Accountants and financial advisors offer excellent professional support, but it's also important to keep yourself informed and understand key tax implications when it comes to managing your corporate account. In today's episode, we take a closer look at the type of information you should arm yourself with to help you optimize your tax planning and manage your corporate investments efficiently. Tuning in, you'll learn why personal investing can often be surprisingly tax-efficient, why the biggest challenge is moving money out of the corporation into your personal accounts in a tax-efficient way, and why the best way to achieve this is with a CDA. We break down key aspects of tax drag and tax deferral in corporate investments and what you need to know about tax planning for a corporate account. Our conversation also covers how to use ETFs and corporate class funds for tax deferral within a corporation, why spending and giving are important financial skills that you should practice, how to be a good steward of your wealth, plus a whole lot more. For all the important details on tax planning and how to manage your corporate investments, be sure to tune in for this informative conversation!

Key Points From This Episode:

(0:01:27) Managing investments with accountants and financial advisors, keeping yourself informed, and the missteps Ben has seen when onboarding new clients.

(0:04:21) The major buying power that CDAs represent.

(0:05:34) Taxes, investing, and prioritizing a diversified executable investment strategy that suits your goals and risk tolerance.

(0:07:43) An overview of tax drag with corporate investing.

(0:12:41) The active-passive income limit problem and how to avoid it.

(0:14:25) A rundown of corporate tax deferral on investments.

(0:19:42) Relevant details on tax planning for a corporate account.

(0:24:31) Navigating more complex products and strategies, like insurance.

(0:34:09) How to use ETFs and corporate class funds for tax deferral within a corporation.

(0:41:19) Asset allocation, location, managing risk, and a reminder to be careful that the downsides don't exceed your tax savings.

(0:44:08) Advice for avoiding inefficiencies in corporate investing when you have a high income and don't spend much personally.

(0:46:10) Why spending and giving are important financial skills and why you should prioritize being a good steward of your wealth.

Links From Today's Episode:

Dr. Mark Soth (The Loonie Doctor) — https://www.looniedoctor.ca/

Dr. Mark on X — https://twitter.com/LoonieDoctor

Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

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