Tax savings being salaried Vs having own business


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Jack109   
Member since: Jul 04
Posts: 254
Location:

Post ID: #PID Posted on: 06-06-09 17:04:27

As salaried in 2008 assuming I paid $17000 (total) on a salalry of $76K (only my part) how much tax would I need to pay if my T4 would show $50k.


I am looking for typical tax savings.Own a 2500 sq feet home and 2 cars.



Pramod Chopra   
Member since: Sep 03
Posts: 1284
Location: Pickering, ON

Post ID: #PID Posted on: 06-06-09 18:34:24

Quote:
Originally posted by Jack109

As salaried in 2008 assuming I paid $17000 (total) on a salary of $76K (only my part) how much tax would I need to pay if my T4 would show $50k.

I am looking at becoming an insurance agent.

I am looking for typical tax savings.Own a 2500 sq feet home and 2 cars.



First become and Insurance Agent and start making money, then you would not have to worry about taxes and claiming expenses. I hope, You do not wish to become an Insurance Agent only to claim expenses. If that's the case then it is a losing preposition.


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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada





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