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

Should I incorporate?

I'm a sole proprietor- should I incorporate? What's the difference? We outline the differences between a sole proprietorship and corporation.

A Tax Savings Solution Using a Corporate Health Plan

The small business corporate tax rates can be quite a bit lower than an individual's income tax rates, especially as you take more money out of your company. So you can usually save taxes by using of corporate dollars whenever possible. Here's one great idea using your corporation to save on taxes - while also reducing the risk of health issues affecting the sustainability of your company.

Beyond Tax-Savings: The Benefits of an Estate Bond for your Estate Beneficiaries

This financial planning strategy replaces your taxable investments with tax-free insurance benefits to your heirs, by-passing your estate and probate fees and keeps this portion of your legacy gifts private.

Understanding your life insurance options

Most people would agree that life insurance is an integral part of any comprehensive financial plan. The question is how to decide on the best type for your needs. This document can help you understand the different types of insurance options and how to select the type of plan that best suits your needs for coverage.

Federal Budget 2016

The Honourable Bill Morneau, Minister of Finance, recently…

Tax-Exempt Legislation Changes

The tax-exempt changes to life insurance become effective Jan 2017. Having the appropriate plans in place can therefore be significantly more beneficial to you if ISSUED in 2016, but be aware that most insurance companies need about 3-4 months to get through this underwriting & approval process.

Estate Planning for Real Estate Investors

For many Canadians the majority of their wealth is held in personally owned real estate. For most this will be limited to their principal residence, however, investment in recreational and real estate investment property also forms a substantial part of some estates. Due to the nature of real estate, it is important to utilize estate planning to realize optimum gain and minimize tax implications.

Leave a Financial Legacy for your family and less taxes for the government

If your plans involve doing well financially and leaving an inheritance for future generations, look at using life insurance to transfer wealth tax-free. This would seem preferable to leaving a big chunk of your hard earned money for the government. It also protects your money from probate and claims or "challenges" made to your Will.


Albert Einstein defines insanity as doing something over & over again and expecting different results. What have you been doing over & over the last few years that has not moved you closer to your financial goals? Why even bother with new years’ resolutions if you’ve usually just abandoned them after a few weeks? These 5 key steps gives a different perspective that can truly make a big difference to reaching your financial goals this year and beyond.



Taxation Changes for Life Insurance Create Tax-Savings Opportunities in 2016

Permanent life insurance, such as Whole Life or Universal Life, has long been accepted as a tax efficient way of accumulating cash for future needs. Soon the amount of funds that can be tax sheltered within a life insurance policy will be reduced by new tax rules which take effect January 1, 2017. These changes may make 2016 the best year to buy cash value life insurance.

Critical Illness: Are you Protected?

Medical practitioners today will confirm that the lower your stress levels the better the chances for your recovery. When one is ill with a serious illness, having one less thing to deal with, such as financial worry, can only be beneficial. Your Life Could Change in a Minute!