6 tax saving strategies for your business year-end

Balance Sheet versus Income Statement Opportunities

Some of the tax strategies fall into either balance sheet and others are income statement opportunities. Here are some ideas to pay less tax (or create more expenses) in a given fiscal year (Income Statement based) and some other opportunities on how to get retained earnings from your operating company or holding company and into your personal hands:

Income Statement Opportunities
  • Set up a Personal Pension Plan or Individual Pension Plan
  • Top up your Health Spending Account amounts for business owners
  • Family Enterprise Succession strategies
  • Set up an Post Secondary Educational fund for your child
  • Health Spending Accounts for Key Employees
  • Deferred Bonus Employee Succession Strategy
Balance Sheet Opportunities
  • Set up an Insured Retirement Plan
  • Split Dollar Critical Illness strategy
  • Succession Plan Buyout Strategy
  • Key Person Life and Critical Illness
  • Buy Sell Partnership Strategies
  • Lifetime Capital Gains Exemption Cleansing