Business owners face unique challenges—and opportunities—in terms of financial planning. You have worked hard to develop your ideas into a successful business, or perhaps you are considering moving into self-employment. Regardless of your current position, we can help you choose a financial planning strategy that takes advantage of your unique situation. If you are considering moving to self-employment, contact us to discuss how to revise your financial plan. Working together, we will help you adjust from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first, since many insurers want two years of tax results. Also, self-employed individuals can gain tax write-offs for some health insurance premiums. You may also need to negotiate a bank loan or line of credit to help fund office space, materials, and other business investments. We can help you explore options to effectively secure these start-up expenses. Tax planning is another important component of a strong business strategy. Depending on your business, considerations may include paying wages or collecting GST. You also need to pay your own CPP and EI, and possibly make quarterly tax installments. Additionally, you can take advantage of capital cost allowances on equipment, such as computers or vehicles, and business expenses, such as advertising, salaries, or travel. No matter what stage of growth your business is in, contact us today to design a tax-efficient business planning strategy.

You worked hard to develop a business, and now it is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. A financial security advisor can offer expert advice on how to plan an effective business succession strategy. Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. A financial advisor can help business owners with tax-effective retirement strategies, such as using life insurance policies, paying yourself a salary as the business founder, or arranging for an heir to slowly buy up your shares.