Nearly half of Canadian business owners have not planned how they will hand over their companies to new proprietors. According to a recent CIBC poll, only 57% of Canadian business owners who are within ten years of retirement say they have business transition plans. Within this group,…
As Canadians live longer, they will need to be savvy about their finances to enjoy security in their golden years, a recent Fidelity Investments retirement survey suggests. Noting that at the start of 2015 we are now half-way to the start of a new decade,…
For most new or expecting parents, there are a host of new financial planning implications and less time than ever before to deal with them. Although I can’t give you advice on sleep schedules or childhood allergies, I do suggest that you make the time…
(And What You Can Do To Avoid This) Introduction Most of the mistakes regarding your estate planning if you own a busines can be broken down into 3 main areas: Working really had to build a successful family business / farm then putting no effort into…
How much will you need to retire? .Nothing is more frustrating than trying to figure out how much to save for retirement. You know the amount you’ll need to save depends on what kind of retirement lifestyle you want. But how can you decide that…
What is Disability insurance? A disability insurance policy generally provides a benefit on a periodic basis to an individual if they become disabled and their ability to earn income is compromised. The common element of the various definitions of “disability” is an incapacity or inability,…
CHAT 1: Let’s define the insurance need. Business owners of Canadian corporations are often the ypes of clients involved in affluent insurance cases. Let’s consider a 55-year-old business owner client whom we’ll call Bill. Not only is Bill wealthy, but he also stands to benefit…
Introduction In this Tax Topic, we look at the basic rules relating to charitable giving through life insurance and in particular, the methods of gifting life insurance. There are three main methods by which a donor can gift life insurance to a charity. First, the…
Many professionals now have the opportunity to run their business as a professional corporation. The ability to incorporate raises a number of planning issues and opportunities. This Tax Topic will explore the ins and outs of professional incorporation. Who can incorporate? Traditionally, professionals have carried…
Industry groups have lobbied Finance Minister Joe Oliver for tax breaks and rule changes in the 2015 budget. CPA Canada wants the federal government to reduce personal income tax rates once the economy picks up, since our trading partners have lower rates. If necessary, it…