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

The Difference Financial Literacy makes

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Everyone's financial responsibilities and priorities change over time. Whether you’re just starting your worklife or looking ahead to retirement, planning goes a long way in helping you make good financial decisions, reach your goals, save taxes and/or avoid unpleasant surprises that could set you significantly back financially.

Family Business Planning Strategies

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If you are an owner in a family enterprise, the likelihood of your business successfully transitioning to the next generations is not very good. This has not changed over the years. Statistics show a failure rate of: 67% of businesses fail to succeed into the second generation 90% fail by the third generation With 80% to 90% of all enterprises in North America being family owned, it is important to address the reasons why transition is difficult.

The Cost of Taxes to your Bottom Line & the Value of Planning with Tax-free options

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Have you looked at how much difference tax-free options can make to your bottom line? Aside from a TFSA, do you know other tax-free options there are available for your savings, investments, and retirement funds?

Whole Life - A Whole new Investment Class

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The recent developments in investment markets and the volatile performance that has resulted have brought about a new appeal to an old workhorse. For investors looking for a diversification in their investment portfolio and a more tax efficient fixed income investment alternative, a compelling argument can be made for the use of Whole Life Insurance.

How an Insurance Audit can help you save money & taxes

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Many people get insurance because they know they need it, some try to understand what they're getting, and most don't remember the terms of their plans even after only a short while. Just like any financial plan, an annual or periodic review of your insurance plans can help make sure your plan still fits your needs. More importantly, this review is necessary to help save money and taxes and avoid getting surprised at your time of need.

Is the Life Insurance Industry in Canada Stable?

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Insurance is one of the most closely regulated industries in Canada. Unlike the United States, in Canada there is a government organization that supervises all of the federally incorporated and foreign insurers to ensure that these companies operate in a prudent manner.