Ep 16: Live at IAFP 2024

Today’s episode comes to you live from the 22nd Institute for Advanced Financial (IAFP) Planning Conference in Gatineau, Quebec, recorded in front of an audience of professional financial planners. For this special episode, we cover key planning issues for incorporated business owners and walk through the lifecycle of a business owner or professional who eventually chooses to incorporate. We discuss crucial financial decisions they face along the way, particularly as corporate assets begin to grow, and wrap up with a Q&A covering topics like tax brackets, salary offsets, and more. Our conversation also tackles common misconceptions and explains strategies for income smoothing, tax deferral, and managing 'corporate bloat.' With today’s conference theme inspired by Star Wars, expect plenty of niche references along the way!

Key Points From This Episode:

(0:00:17) Introducing the topics that will be covered in today’s special live episode at the 22nd Institute for Advanced Financial Planning Conference in Gatineau, Quebec. 

(0:03:57) Guidelines and benefits of becoming incorporated, including income smoothing. 

(0:06:49) Advice for navigating taxes when becoming incorporated. 

(0:08:42) Common misconceptions that people have regarding getting incorporated. 

(0:13:53) How to capitalize on the benefits of tax deferral in a corporation. 

(0:16:24) Key insights on tax integration and eligible dividends. 

(0:20:07) Achieving optimal compensation and how it solves the problem of “corporate bloat.” 

(0:25:08) Ways to treat and prevent corporate bloat. 

(0:28:47) The math behind Mark and Ben’s optimal compensation algorithms. 

(0:32:08) Advantages of planning over products for solving optimal compensation. 

(0:35:10) Audience questions and answers, from tax brackets to Star Wars. 

Links From Today’s Episode:

Institute for Advanced Financial Planning Conference — https://iafpsymposium.ca/Salary and Dividend Optimizer Calculator — https://www.looniedoctor.ca/ccpc-income-disperser/ ‘Dividends To Maximize Your Corporate & Personal Cash Flow’ — https://www.looniedoctor.ca/2023/06/30/pay-dividends-corporation/#algorithm

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

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

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

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

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