The Top 6 Things I Would’ve Done Differently with My First Business

doing things differently

Experience gives us knowledge. Unfortunately, this knowledge can come at a very hefty price. In the case of my Partners and me, it resulted in the bankruptcy of our office furniture business. We did a lot of things right and enjoyed great successes for most of the time I was an owner. We were never afraid of change. In fact, … Read More

5 Reasons Why Benefit Plans for Business Owners Should Differ From Employee Plans

benefit plans for business owners

I walk into many privately-owned companies only to find out the business owners are set up under the same benefit plan as their employees.  Should benefit plans for business owners differ from employee plans?  In a word, Absolutely! It’s all too common that I see business owners having the same co-pay obligations as their employees.  So if an owner goes … Read More

Business Owner Alert: Seeking Something Amazing if You’ve Maxed Out Your RRSPs?

Maxed Out RRSPs

The challenge for many business owners, they either haven’t contributed enough to one’s RRSP, or they’ve maxed out your RRSP contributions for the year.  The challenge is RRSP contribution room is derived from one’s T4 income from previous years.  If you choose to take money from your business in the form of a dividend, this doesn’t count towards RRSP eligible … Read More

3 Unique Ways That Business Owners Can Fund Their Retirement?

In light of all the changes proposed by the Federal Liberal Government in July 2017, the sensitivity around the excessive taxing of small business owners has raised some eyebrows.  The proposed changes took into consideration heavily taxing any passive income that exists within a business, scrutinizing how business owners sprinkle income to family members and some other controversial measures.  Even … Read More

Starting an Insured Retirement Plan to Ensure Your Retirement Goes as Planned?

Insured Retirement Plan

Maximizing High Net Worth to Fund Retirement Plans for Business Owners So why would you want to set up an Insured Retirement Plan as a business owner?  To dividend out your retained earning subjects you pay taxes at your personal marginal tax rate.  Depending upon how much you pay yourself (Salary, Bonuses, Dividends) in any given year can mean that … Read More

Strongly Consider These 7 Points When Deciding to Take a Salary or Dividend

Many business owners struggle with whether to take a salary or dividend from their business.  If you look at it strictly from a mathematical standpoint, the difference is like splitting hairs.  The government has made that decision pretty easy from a monetary standpoint.  In the hands of the business owner, the two are virtually the same.  The advantages were obvious … Read More

Is It Time To Discover Where Your Finish Line Starts?

Where Does The Finish Line Start?

The two things the last few years has taught me is perspective and resiliency. I’ve had an interesting business career thus far.  Some elements blessed and other elements, well, not so much. To say I’m wiser for it would be an understatement. I’ve been lucky and unlucky. I’ve been fortunate to have some great successes and some pretty spectacular failures. … Read More