Starting a Business? Incorporate or Sole Proprietorship?

incorporate or sole proprietorship

Incorporate or Sole Proprietorship?    Some weeks appear to have a recurring theme.  The last couple of weeks I’ve been approached by a number of owners of sole proprietorship businesses wondering if it is time to incorporate their business.  So what are the advantages and limitations of running a business as a sole proprietorship versus incorporating your business? So should … Read More

Do I Need A Holding Company?

holding company

A question that I’m often asked by business owners is “Do I Need a Holding Company or is my Operating Company enough?”  There are a number of potential opportunities that a Holdco, which owns shares in your OpCo, that can offer business owners a  huge advantage over just having an Opco.  We’ll take you through a few scenarios where a … Read More

What are your options if you don’t qualify for life insurance?

don't qualify for life insurance

It’s been said that the only people who want to buy life insurance are those who are uninsurable or don’t qualify for life insurance.  For those who are deemed uninsurable there are some options for life insurance that you will want to be aware of.  Obviously, the younger and healthier you are, the lower your premiums.  But what happens if … Read More

Pay Attention to Your Beneficiary Designation

beneficiary designation

Whether you’re taking a contract for your business or personally, naming a beneficiary is a valuable feature of life insurance and segregated funds policies so it is important to carefully choose your beneficiaries.  Have you made any of these common mistakes with your beneficiary designation? Estate – the default choice Many people choose to name their “estate” as their beneficiary. … Read More

How to Pay Less Tax Through Your Business?

Pay Less Tax Through Your Business

This week’s federal government budget illustrated that the federal government may 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

Taming Market Volatility Using Segregated Funds

market volatility using segregated funds

Locking In Gains, Creditor Protection, Principle Investment Guarantees,  Estate Planning are a Few Reasons why you may want to look at Segregated Funds as an Investment Option   Asking the average investor if they regret being in equities the past 8 years, you would have heard a resounding “NO”…. until February 2018 which saw a huge market correction.  Many boast … Read More

How to Leave a Legacy for your Grandchildren?

how to leave a legacy

So how do you leave a legacy behind and not compromise your current financial situation?  If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security you may want to consider an estate planning application known as cascading life insurance.   Because permanent life insurance is a significant cost to purchase in your … Read More

CPP Should You Take it Early?

CPP should you take it early

The most recent rules governing CPP were introduced in 2012 and they took full effect in 2016.  The earliest you can take your CPP Pension is age 60, the latest is 70. The standard question regarding CPP should you take it early? While you can elect to start receiving CPP at age 60, the discount rate under the new rules … Read More

Business Owners: Have you Maxed Out Your RRSP Contributions for the Year?

Maxed out your RRSP contributions

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

Business Owners: TFSA or RRSP?

TFSA or RRSP

Business owners have far more options available to them they may realize.  The question may not be whether TFSA or RRSP but instead what is the best investment vehicle for business owners?  TFSAs are available regardless of income, that is they don’t need T4 income to qualify.  Therefore dividend income which doesn’t qualify as T4 income is eligible to be … Read More