Business owners are increasingly recognizing the key importance of implementing employee benefit plans in their organization
Many business owners depend on their business to provide income, security and in some cases, a legacy for their family.
Minimize the risk if death, disability or critical illness were to happen to a key person or shareholder of the business.
Who's this for?
- Key Person
- Buy Sell Arrangement
- Business Loan/Overhead Risk
- Retain Key Employees and Shareholders
- Minimize the impact on your business if key employees, shareholders or business owners were to become disabled, critically ill or die
- Retire or lower debts if key employees, shareholders or business owners were to become disabled, critically ill or die
Morneau’s federal budget announced earlier this year informed us how the government will treat passive income in a Canadian Controlled Private Corporation. (CCPC) The government’s main concern was that under the current rules a “tax deferral advantage” exists since tax on active business income is usually lower than the top personal marginal tax rate. Therefore if the corporate funds were invested for a long period of time, shareholders might end up with more after-tax amount than if it was invested personally.
Last summer, Finance Minister Morneau announced a number of tax reforms for Small Business Owners, including the changes to income sprinkling, minimizing the incentives to keep passive investments and reducing the transfer of corporate surpluses to capital gains.