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I’m a successful realtor in Alberta under sole proprietor and I’m tired of the taxes (I make about $225k gross, and after expenses net $159k on my taxes). Being that my wife homeschools our children (making only $2K-$4k as a contractor for me), and income splitting is not an option… at what income point is incorporating a better option to decrease taxes? For 2018 I paid about $38k in taxes. Any advice would be great!
Based on what you have said, you should consider incorporating your business. You should first confirm with your regulatory body if commissions can be paid to a corporation owned by a real estate agent. By incorporation, your business can take advantage of the low corporate tax rate for small businesses in Canada.
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