Financial Planning for Business Owners

Our Process

  • Establishing our client-advisor engagement

  • Determining your goals and expectations

  • Clarifying your present situation and identifying any shortfalls, issues or opportunities

  • Reviewing & selecting options to cover your needs

  • Implementation

  • Monitoring your plan and making adjustments if necessary

Some of the biggest benefits of owning a business are the tax-savings opportunities available to small business owners (sole-proprietors, partnerships and incorporated businesses).

This starts with being able to claim for business some expenses that you would normally be paying for anyway (such as a reasonable part of your car expenses, your home office, cell phone, etc.).  It can also end with you being able to claim up to $406,800 tax-free from the sale of your “Qualified Small Business Corporation”.

You can also use your corporation to save on taxes for your medical & dental expenses (through the Personal Health Savings Plan), your Critical Illness Plan (with extra tax savings when paired with a Return of Premium rider), and your life insurance (that can be passed on with tax-savings through the CDA/Capital Dividend Account).

All it takes is some proactive planning – because the day before you file your tax return is just a little too late to take advantage of these benefits.

On the other hand, the biggest risk to a business is probably the death or illness of key personnel.

So if you or someone in your organization is key to keeping the business going, it’s essential to have solutions in place to help make sure your business can ride through the wave of a sudden serious accident, major illness, or death of that key person.

This can include not only disability, critical illness or life insurance, but also financial plans to support your back-up plans to keep your business operating and avoid losing your customers.

After all, when you’ve worked so hard to get through the beginning years, you really wouldn’t want unexpected circumstances to put your back to where you started – or worse, in major debt.

So call me for a review of your old business financial plan or if you’d like a fresh set of eyes on it.  I can also give you information on some not-so-common but can-be-very-effective tax-savings ideas that you can review with your business tax accountant (that he or she may not be quite familiar with).

Articles with Tax Savings & Business Continuity Ideas for your Small Business

Government of Canada to allow up to $400 for home office expenses

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

Canada Emergency Wage Subsidy expanded to include more businesses!

On July 17th, Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that will expand the number of businesses that qualify for the program.

Canada Emergency Wage Subsidy extended into December!

On July 13th, Prime Minister Justin Trudeau announced the extension of the Canada Emergency Wage Subsidy (CEWS) until December.

CERB Extended | Business Owners who did not qualify previously – expanded CEBA starts June 19th

Great news for Canadians out of work and looking for work. The CERB will be extended another 8 weeks for a total of up to 24 weeks. The expanded CEBA will begin June 19th.

Small Businesses! Applications for Canada Emergency Commercial Rent Assistance starts May 25th

The Application portal for the Canada Emergency Commercial Rent Assistance (CECRA) opens at 8:00am EST on May 25th

Expanded eligibility for CEBA $40,000 interest-free loan

The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible. "If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify." - PM Justin Trudeau

Extended! Canada Emergency Wage Subsidy extended beyond June

On May 8th, Prime Minister Justin Trudeau announced that they will extend the Canada Emergency Wage Subsidy (CEWS) beyond June.

Apply for Canada Emergency Wage Subsidy starting April 27th | Calculate your subsidy

On April 21st, Prime Minister Justin Trudeau announced that the Canada Revenue Agency will accept applications for the Canada Emergency Wage Subsidy (CEWS) starting Monday, April 27th. This new measure gives qualifying employers up to $847 per employee each week so they can keep people on the payroll.

BC: Reduces commercial property tax for businesses by average of 25%, help local governments

The province of British Columbia is providing additional support to businesses by reducing most commercial property tax bills by an average of 25%.

New Canada Emergency Commercial Rent Assistance | Canada Emergency Business Account Expanded

On April 16th, Prime Minister Justin Trudeau announced support for to help small businesses with their rent for the months of April, May and June. The program is being worked out with the provinces and more details will be available shortly.

Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers

Prime Minister Justin Trudeau announced: "Today, we're announcing more help for more Canadians. This includes topping up the pay of essential workers. At the same time, we'll also be expanding the Canada Emergency Response Benefit to reach people who are earning some income as well as seasonal workers who are facing no jobs and for those who have run out of EI recently. Expanding the CERB to include people who earn up to $1,000 per month. Maybe you're a volunteer firefighter, or a contractor who can pickup some shifts, or you have a part-time job in a grocery store."

Applications for the Canada Emergency Business Account starts TODAY!

The new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions. The CEBA will provide qualifying businesses an interest-free loans of up to $40,000 until December 31, 2022.