Financial Planning for Your Business

Since you’ve got to be working, you might as well be working for yourself. Running or starting your own business is one of the most challenging things you can take on. And one of the most rewarding. So let us help you build a business plan that takes full advantage of your unique talents.


Starting a Business

If you are considering becoming self-employed we can help you revise or create a financial plan. We can help prepare you for the transition, and different challenges you are likely to face.

We can help you:

  • Explore start-up expenses
  • Explore options for bank loans or a line of credit 
  • Consider options for health benefits, life and disability insurance that your previous employer provided. 

Tax Planning

Tax preparation is a key part of business financial planning. As a business owner you will be responsible for paying your own CPP and EI as well as possibly paying wages, collecting GST, or making quarterly tax installments. It is also important to ensure you are also taking advantage of any capital cost allowances that you qualify for such as advertising, travel, equipment, or vehicle costs. No matter your business size, industry, or it's current stage of growth we, along with industry specialists, can help ensure that it includes a tax-efficient planning strategy that suits your needs. 

Group Retirement & Savings Plans

In today’s job market group retirement and savings plans are a huge factor in employee attraction, and retention. It is important for business owners to be able to offer their staff the ability to work towards a secure financial future and we have the product knowledge to ensure you select the right plan for your business. 

Major Benefits:

  • Flexibility and affordability. Group savings can be offered independently or paired with group benefits.
  • Instant tax savings due to using pre-tax payroll deductions for Group RRSP Plans.
  • Provides comfort to employees knowing they are working towards retirement.

We can help you create an investment plan specific to the needs of your business, and all of your valued employees.  

Group Health Benefits

Today employees are seeking job opportunities that offer benefit packages to support their, and their family's health. You can help your business attract the right staff by offering group benefits individually, or in conjunction with an insurance plan. Plans offer a variety of services ranging from health and dental, group auto insurance, flexible work situations, and wellness programs. In addition to keeping your employees happy and healthy, employers will also receive tax benefits in some cases. We will work with you to ensure that you receive a customized, affordable plan to address both your and your employees needs.

Major Benefits depending on the plan:

  • Extended health and dental - prescription drugs, dental work, vision care and more 
  • Plans for specialized employee groups
  • Group critical illness coverage
  • Group life insurance
  • Group short-term and long-term disability insurance

Business Succession Planning

Just like everyone else, most business owners want to retire too; however, they face many different challenges when planning for it. There are many options available for business owners to develop a financial plan that accounts for retirement. Our partners in retirement planning can work with you to help build a plan that fits your business needs.

Some options include:

  • Using life insurance policies
  • Arranging for a successor to purchase your shares over time
  • Paying yourself a salary as the business founder

In the case that the founder is nearing the end of their life, and health permitting,  it's important to ensure that a properly planned life insurance policy is in place. This will make it possible for the successors to transition into business owners while also preparing them for the possible estate taxes.

While it is unpleasant to think about, it is also essential to be prepared for the death of any business partners or stockholders the death can be devastating to the business as well as the surviving family. Preparing a written agreement prevents the possibility of major conflicts and litigation which could lead the business being forced to liquidate. 

A carefully considered buy-sell arrangement will include:

  • A mutually agreeable selling price for your business
  • Terms of the sale
  • Ensure the agreement is funded so the capital is available at time of death
  • Secure the needs of the surviving family members while not affecting the business cash flow

Buy-sell arrangements are an effective way to plan the transfer of business interests in a situation where multiple owners are actively involved in the business.While the arrangement protects the business and the surviving family, it also guarantees a buyer for each owners business interest at a fair price.  

Types of Business Owner Buy-Sell Arrangements include:

  • Cross Purchase Agreement: Requires there to be two or three owners. The agreement is established between each owner where at the time of one owners death the surviving owner(s) will purchase a proportionate share of the deceased's interest.  
  • Entity Plan: Each owner enters into separate agreements with the corporation/partnership as the entity, in the event of one of the owners death the entity will then buy the deceased partner's interest. 

DISCLAIMER: As business succession planning encompasses tax, personal and legal financial issues it is highly recommended that you seek guidance or advice from a professional.