Great video Joe and thanks for allowing me to collaborate and expand the knowledge around complex insurance for tax planning in corporations. Small business owners work so hard to build their businesses so I'd love to see them reap more of the benefits of their hard work!
@benisrambo Жыл бұрын
Thanks for the video Joe, you make some videos regarding topics that nobody else explains on KZbin.
@benisrambo Жыл бұрын
Also wondering if you could make a part 2 to this video explaining the bookkeeping side of corporate life insurance. I had a very hard time a few months ago researching how to properly categorize my monthly premiums, as they aren’t deductible and the CSV needs be added as an asset as well.
@lanecuthbertfinancial Жыл бұрын
@@benisrambo I think this would be extremely beneficial for a lot of people!
@oilyfan6 ай бұрын
I have dealt with the bookkeeping side of it. Once you do it it's not that hard as it seems. Premiums are expensed as insurance expense. Lets say corp paid $12K premiums for the year. You will have $12K expense on income statement. Then you take the CSV and record it on balance sheet. The offsetting CR will be to insurance expense. You keep adjusting your CSV to insurance expense. @@benisrambo
@lunamorris2091 Жыл бұрын
Thanks for sharing such a video. Much needed. It was so convincing. Nice work.
@RamiSobhani6 ай бұрын
Can you make a video about personal real estate corporations in ontario?
@WallaceFinancialServices11 ай бұрын
Great video! Just a little condused how the money is paid to the beneficiary directly whitout going through the CDA Account?
@oilyfan8 ай бұрын
I could be wrong but I think the money flows through the CDA account to the beneficiary since the corporation is the actual beneficiary of the policy. So the money hits the corporation's bank account which then hits the CDA account (Dr Bank Cr RE/CDA).
@xiaojinhuang42865 ай бұрын
This is not a right illustration. In a whole life any permanent life, once the owner starts withdrawing the money, the death benefit will be reduced by the loan. Therefore, if the owner used 1.4 million at age 85, the death benefit will be only about 300k left. The video is misleading.