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If I open a corporation and use it to open a business that produces an income, but I want to use that income to purchase real estate rental properties, do I need two businesses? One to do labour work and gain income and one to buy and operate rental homes? OR would that subject me to unnecessary tax by moving the money between businesses. Would it be more wise to use the one business to gain income and buy assets?
Thank you for your time.
A corporation can conduct multiple businesses. You do not need to open a separate corporation for each business. However, to minimize risk, I suggest that you purchase real estate in a separate corporation. That way, if one corporation fails or is sued, it won't impact the other corporation.