Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Turn Your Business Into A Personal Goldmine

17 Apr 2024 · 0 min

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0:15

A short transcript excerpt from Richard Canfield’s YouTube video discussing treating one’s business as a ‘captive customer’ and strategies for extracting personal resources (revenues) from the business to benefit the owner and family. The excerpt centers on the idea that the business’s activities should generate revenue for the owner, and explores using those resources for further extraction.

Your business is a captive customer. Nelson talks about having a captive customer in the book. And so if everything that your business does is to generate revenue and money for you and your family, what's the difference if you.
And your family use.
Your own personal resources that you're getting from that business.
To then captivate that.
Business for further extraction of money?
No different than behind you boys, your home office. Similar concept. Why would anyone set up a corporate business versus the personal? It's very simple. Personal taxes. In my situation in Ontario, when you start making some decent money, your marginal tax rate caps out at 53.53%. If there was an opportunity for me to earn that money in a corporation instead, and it's a Canadian controlled private corporation, I own the shares. That corporation is taxed at 12.2% for the first $500,000 of income.