Business Owners
Small business is the backbone of the Canadian economy. Small enterprises and the self-employed contributions are at least as equally important to the overall economy as big business and are even more important in creating new jobs. Many of the new jobs being created in Canada are tied to small business and many of which have fewer than 50 employees.
Business owners have more complex needs than many other individuals-and greater need for financial planning as they typically dont have the safety net of group benefits and pensions that many in the public and private sector have. Retirement is more involved as it means selling or transitioning a business that one has spent a lifetime building and a considerable amount of their personal wealth is tied up in the business.
As a Certified Financial Planner and owner of Trinity Wealth Partners, a firm founded (by my parents as CAQ Financial) in 1981, I understand the unique needs of business owners. I believe it makes sense for business owners to deal with other business owners, who understand the specific risks, challenges and opportunities entrepreneurs face.
Resources:
- Planning options for passing on your small business
Brief overview of the planning issues you must consider as a small business owner. There are procedures and strategies for income tax and insurance that can help the client make the transition from active business owner to a retiree. - Professional corporations
Learn the ins and outs of how professional corporations work, what the benefits are and whether it's appropriate for you.