Who's this for?
- Key Person
- Buy Sell Arrangement
- Business Loan/Overhead Risk
- Value of your business can represent a substantial source of income in retirement, therefore proper succession planning can ensure that the risks to your lifestyle in retirement is minimized.
- If your hope is to have your business continued by one or more family members, then you will likely need to coordinate your business plan with your estate plan and explore any tax deferral opportunities.
- Any unforeseen events could lead to problems in your business without proper planning. Advanced planning can ensure that you, your business and family are protected.
As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.
We’ve put together an infographic checklist that can help you get started on this.
On April 7, 2022, the Federal Government released their 2022 budget. Our article contains highlights of the various financial measures in this budget, divided into these sections:
• Alternative minimum tax
• Dental care
• Small businesses
• Canada Growth Fund
• Bank and insurer taxes
It’ll be time to file your 2021 taxes soon, and you must take advantage of every tax credit and deduction that you can. Our article includes information on a variety of subjects you need to know about, including what to do if you’ve had to repay COVID-19 benefits, how to plan ahead if you’re self-employed or retiring soon, and what you need to know if you have a home office or employer-provided benefits.