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

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.

Rules changed to allow more struggling business owners access to CERB, Wage Subsidy. Summer jobs program increased to 100%

A big win today for some small business owners who previously did not qualify for the $500/week Canada Emergency Response Benefit (CERB) or the 75% Canada Emergency Wage Subsidy (CEWS).

Do I Qualify for the Canada Emergency Response Benefit & EI?

To help Canadians through this difficult time, the Federal Government created the Canada Emergency Response Benefit (CERB) and made changes to the Employment Insurance Program (EI). For those whose employment has affected by the Coronavirus, we have created a chart to help you figure out which program you qualify for and provide links to apply for each program.

Help for Small/Medium Businesses & Entrepreneurs – 75% wage subsidy, $40,000 interest-free loan & more

March 27, 2019 - Prime Minister Justin Trudeau announced programs and measures focused on helping Small & Medium Sized Businesses and Entrepreneurs cope with the economic consequences caused by the COVID-19 pandemic. “With these new measures, our hope is that employers being pushed to laying off people due to COVID-19 will think again,” Trudeau said. “And for those of you who have already had to lay off workers, we hope you will re-hire them.”

BC Government supporting renters, landlords during COVID-19

To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions. This includes $500/month towards rent.

Canada Emergency Response Benefit to help workers and businesses

$2,000/month for 4 months - Canada Emergency Response Benefit to help workers and businesses

2020 BC Budget

BC’s Finance Minister Carole James delivered the province’s 2020 budget on February 18, 2020

Comparing TFSAs and RRSPs – 2020

We examine the difference between RRSP and TFSA in the deposit and withdrawal stage.

Top 5 Ways to Use an RRSP to Help You Save Taxes

There are some great reasons to open a Registered Retirement Savings Plan (RRSP) to save for your retirement. Here are the top 5 reasons to open an RRSP:

2020 Financial Facts for Business Owners

2020 Financial Facts for Business Owners include Interest Rate, Corporate Tax Rates, Employment Insurance Premium Rates, CPP Contribution Rates, Corporate Investment, Income Tax Rate, Limits Insurance- Types that are needed, Lifetime Capital Gains Exemptions