Tips For Business Wealth Management Business owners work hard at perfecting their business to make a living, earn a profit and ultimately sell or transition the business to another group of owners or family members. At the end of the year, our income statements and balance sheets generally indicate whether we were successful. You work incredibly hard to streamline operations, … Read More
The Top 6 Things I Would’ve Done Differently with My First Business
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
Why Philanthropy is a Good Investment: It’s Not Always Obvious
The COVID-19 pandemic added new levels of stress and uncertainty to the lives of most Canadians. No corner of society worldwide has been left untouched by the effects of the pandemic, especially the non-profit sector. The pandemic hit charities on all fronts. The weakening economy cut donations while government restrictions on social gatherings shut down fundraising events. Even as charities … Read More
How the Individual Pension Plan Helps Business Owners Retire Wealthier?
In life and business, failure teaches us some incredible lessons. Many of the ideas that I talk to business owners about today come from the mistakes that I made in my first business. In one breath, I wish that I could have started my current business 20 years ago, however, if I had not experienced the challenges and hardships experienced … Read More
10 Simple Ways to Pay Less Tax Through Your Business?
This week’s federal government budget illustrated that the federal government might be easing off its assault on small business owners. They are moving forward with the proposal to eliminate the tax on split income (TOSI) for dividends paid to non-participating family members within a business. They have eased off on the passive investment income that a business owner can keep … Read More
6 Reasons Why Wealthy Individuals Need Life Insurance?
If you have ever thought that life insurance was something you wouldn’t need after you reached a certain level of financial security, you might be interested in knowing why many wealthy individuals need life insurance and still carry large amounts of life insurance. Consider the following: A life insurance advisor in California recently placed a $201 million life insurance policy … Read More
Starting an Insured Retirement Plan to Ensure Your Retirement Goes as Planned?
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
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