I work for an IT company and I get paid in my inc accoint. I have about $60,000 savings in that account which pays 0 interest as its a chequing account.
If I transfer that money into my personal account, it would be added to my income. My accountant says that till the time that money is in the account, I won't be taxed but I feel that there's no point leaving the money in the account .
1) we( my wife and I) have a pending car loan worth $30,000 at 3.89% (paying 380 bi weekly) I can pay this loan fully and not pay $760 a month from here on.
2) we have a mortgage just under a million right now at fixed 5.5%. i can put that 60k into this mortgage and maybe affect the installments a bit.
3) keep it in the corporation account , save the tax and withdraw as and when required .
What are my best options here? Looking forward to hear any other option as well.