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

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)

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.

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

Finance Minister Chrystia Freeland recently provided the government's fall economic update. It included information on the government's strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We've summarized the highlights for you: • Corporate Tax Changes, including extensions to subsidy programs. • Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new "Work from home" tax credit. • Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields. For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

Applications for the new Canada Emergency Rent Subsidy starts today!

The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19. An additional 25% Lockdown Support is available during a public health lockdown order.

Applications for Canada Recovery Benefit now open!

The Canada Recovery Benefit (CRB) is now open for applications. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period. If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.

New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan

Great news for businesses! The new Canada Emergency Rent Subsidy will be available directly to business owners who need rent relief. The Wage Subsidy has been extended to June 2021. And the CEBA has been expanded to provide up to $20,000 interest-free loan.

Applications for Canada Recovery Sickness Benefit and Caregiving Benefit starts today!

Starting October 5, 2020, the Government of Canada will be accepting online applications for the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB).

Throne Speech: Recovery Plan Highlights

On September 23rd, in a speech delivered by Governor General Julie Payette, Prime Minister Justin Trudeau outlined the Federal government's priorities.

CEBA extended to October 31st. Expanded to include more businesses.

On August 31st, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced the extension of the Canada Emergency Business Account (CEBA) to October 31st, 2020. This will give small businesses 2 additional months to apply for the $40,000 loan. In addition, the Federal Government said it was working with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.

CERB transitions to NEW Recovery Benefits and EI

On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the transition to the Canada Recovery Benefit, Canada Recovery Sickness Benefit, Canada Recovery Caregiving Benefit and a simplified EI.

Details of the EXPANDED Canada Emergency Wage Subsidy

On August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS). If you're a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.

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.