For incorporated business owners across Ontario and Alberta
Plain-English planning for business owners. Protect the business, build a real retirement, and get more to your family, all done alongside your accountant.
"There's a pile of cash in the company and I'm not sure what to do with it."
"My accountant said I should 'look into something.' I haven't."
"I don't really have a pension. The business is my pension."
"If something happened to my partner, I honestly don't know what we'd do."
"I've heard my estate could get hit with a big tax bill. How big are we talking?"
If you nodded at any of those, you're in good company. Most owners are so busy running the business that the business's money never gets a plan of its own. Let's fix that.
Six ways your company's money can work harder for you and your family. Tap any one to see how it works, in plain English.
If your partner died tomorrow, could you end up in business with their spouse? Life insurance tied to your shareholder agreement means the money is there to buy their shares. Their family gets fair value, and you keep the doors open. The same idea protects you if you lose someone the business can't run without.
How this worksMoney coming out of a corporation usually gets taxed on the way out. Life insurance owned by your company can be the big exception. Much of the payout can flow to your family tax-free.
How this worksIf you pay yourself a salary, your company may be able to fund an individual pension for you. Depending on your age and income, the contributions can be much bigger than an RRSP's, and the company gets the deduction.
How this worksInvestment income inside a corporation gets taxed heavily, and too much of it can raise the tax on your business income too. The right permanent life insurance lets surplus grow sheltered, then pays out to your family later.
How this worksIf you're diagnosed with a serious illness, the company receives a lump sum to keep things running while you get better. The company pays for the core coverage. If you stay healthy, the premiums can come back to you personally down the road.
How this worksMaybe one kid wants the business and the other wants nothing to do with it. Life insurance can create an equal inheritance for the child who isn't taking over. The right structure can also lock in today's value, so the tax bill at your death stops growing.
How this worksI'll work with a pension specialist to prepare a side-by-side comparison of an individual pension versus an RRSP, based on your age and salary. It's usually at no cost to you, and it's a great conversation starter with your accountant.
Request your comparisonComparisons are estimates. Actual pension contributions depend on an actuarial calculation, your years of service and current CRA rules.
No pressure, no jargon, no surprises. Here's the whole process.
You tell me what's going on. I tell you, honestly, whether I can help. Sometimes the answer is “you're in great shape.”
Business, personal, family and retirement, all on one page so you can finally see how it fits together.
I don't do your taxes, and trust me, you don't want me to. We work as a team so every piece fits.
Only what makes sense for you. Sometimes that's one thing. Sometimes it's nothing yet.
Your business changes. Your plan should keep up.
Shared by the families themselves through LifeHappens.org.
Scott grew a one-man shop into the area's top heating and cooling company, running it with his brother David. They had backed their buy-sell agreement with life insurance. When Scott drowned in a paddle-boarding accident, his wife Cathy was paid fairly for his share rather than being handed a business she never wanted to run. His personal coverage meant she and their daughters could stay in the home they'd built.
John built a research company that his 100-plus employees thought of as family. He'd watched his own father die young with no insurance, so he protected both families: a business succession plan funded with life insurance, plus personal coverage. A stomach pain turned out to be cancer, and he died nine days later at 51. His wife received the sale proceeds and his personal coverage, the business changed hands exactly as planned, and his employees kept their jobs.
Travis and his wife Wendy ran a busy pizzeria while raising six kids. A car accident left him with a shattered pelvis and close to two years of surgeries and rehab. His disability insurance covered the family's monthly bills, so the restaurant's money could stay in the restaurant. The staff kept getting paid and the doors stayed open. As a former restaurant owner, this one hits close to home.
Stories courtesy of LifeHappens.org.
Could this help your business?
Before I became a financial advisor, I owned and ran restaurants right here in Guelph. I know what it's like to make payroll, chase suppliers, and wonder when you'll ever get to pay yourself properly.
For the last 16 years, I've helped families and business owners make sense of the money side of life. I'm not here to sell you a product. My job is to make sure you understand your options well enough to make a great decision, even if that decision is "not right now."
When your situation calls for a specialist, like a pension expert, a portfolio manager or a succession planner, I bring them in and keep everyone on the same page. You get one person who sees the whole picture.
Most of these strategies use your company's money, so mostly, yes. Not incorporated yet? It's still worth a chat. Personal planning still matters, and whether to incorporate is a great question for your accountant.
Nope, the opposite. Your accountant knows your numbers. I bring the insurance and pension tools. The best results happen when we're both at the table.
There's no magic number. Some strategies make sense early, like protecting a partnership. Others make sense once surplus builds up. Our first conversation sorts out which is which.
Nothing. The first conversation is free, with no obligation.
Honest answer: when an insurance policy is put in place, the insurance company pays me a commission. When it's an investable asset, I am paid a percentage from the company as part of the overall investment management fee. Nothing ever comes directly from you. You'll always know how I'm paid before you decide anything.
Some of the strategies are. My explanations aren't. If you leave our conversation more confused than when you arrived, I've done my job wrong.
I'm Guelph born and based, and I work with business owners across Ontario and Alberta, in person or by video.
Book a 20-minute, no-pressure conversation. You'll walk away understanding your options better than when you walked in, whether we work together or not.
Book a timeRather just talk? Call or text 705-209-3394