Financial Planning For Canadian Business Owners

Are dividends always the best way to pay yourself from your corporation? Think again. In this video, we'll explore whether dividends truly offer tax benefits compared to salary. We'll break down the numbers using real examples and explore the implications for your taxes and retirement planning. Learn about the hidden costs and benefits of both options and discover why a mix of salary and dividends might be the best choice for you. Don't let conventional wisdom steer you wrong—watch now to make an informed decision for your financial future. Hosted on Acast. See acast.com/privacy for more information.

Thinking about incorporating your small business in Canada? Hold on! This video breaks down why staying a sole proprietorship could save you thousands of dollars and even let you deduct your mortgage interest. We'll cover what a sole proprietorship is, its advantages and disadvantages, and reveal two tax planning strategies that are exclusive to sole proprietors. Discover how to deduct business losses and utilize the cashflow-damming strategy to maximize your tax savings. Start smart and learn why sole proprietorship might be the right choice for you. *FPCBO 131 - Is Your Share Structure Making Your Business Sale Taxable? https://youtu.be/hjLmFJAV-CU Hosted on Acast. See acast.com/privacy for more information.

Join Jason Pereira and business lawyer Rachel Wasserman on this week's episode of Financial Planning for Canadian Business Owners as they delve into the intricacies of private equity. Learn about the different segments of private equity, the motivations behind selling your business to a private equity firm, and the potential long-term impacts on your business. Rachel shares her unique career journey and valuable insights on business transitions, succession planning, and the realities of private equity acquisitions. Whether you're contemplating selling your business or curious about private equity, this episode offers critical perspectives and practical advice. Hosted on Acast. See acast.com/privacy for more information.

In this informative episode, Jason Pereira, a senior partner and financial planner, provides a detailed breakdown of the two main approaches for selling or exiting a business: share sales and asset sales. He compares these approaches to selling a house versus selling the furniture inside. Key points addressed include tax implications, legal liabilities, and the overall sale process for each method. Key takeaways include how share sales can offer tax advantages like the lifetime capital gains exemption and simpler transaction mechanics, while asset sales can result in a more complex and paperwork-heavy process but allow the buyer to cherry-pick desired assets. This comprehensive guide aims to help Canadian small business owners make informed decisions when planning their business exit. Hosted on Acast. See acast.com/privacy for more information.

Wondering if selling your Canadian business will incur significant taxes? Learn about the Lifetime Capital Gains Exemption (LCGE) and how it can save you up to $1.25 million in tax-free capital gains as of 2025. Jason Pereira, senior partner and financial planner at Woodgate Financial, breaks down the eligibility criteria and tests your business “must meet” to qualify, and how improper planning can lead to costly tax liabilities. Discover actionable steps for structuring your business to maximize tax savings and multiply exemptions across family members. Tune in to ensure your hard-earned success isn't overshadowed by unexpected tax surprises. Don't forget to like, subscribe, and leave a comment! Hosted on Acast. See acast.com/privacy for more information.

In this episode, Jason delves into the tumultuous developments in capital gains taxation in Canada over the past year. From initial changes announced by the Trudeau government to the ensuing financial planning frenzy, and culminating in the resignation of the Prime Minister and a subsequent lawsuit, this video clarifies what capital gains are and how they are taxed. We examine the impact of proposed changes on investors, including those involving corporate and personal tax rates, and discuss the ultimate resolution with the election of Mark Carney as Liberal leader. Finally, we consider new proposals from opposition leaders that could affect future taxation. Stay informed on this rollercoaster of tax policy changes and their implications for Canadian investors. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Financial Planning for Canadian Business Owners, host Jason Pereira and guest Harold Geller discuss critical aspects of onboarding with a financial advisor. They delve into the importance of financial planning, understanding client-focused reforms, and distinguishing between competent advisors and salespeople. Learn about the significance of plain language communication, proper risk assessments, and the pitfalls of high-fee products. Get insights on how thorough information gathering and educational discussions set the foundation for a long-term professional relationship with your advisor. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Financial Planning for Canadian Business Owners, host Jason welcomes John Pelley, Co-founder and CEO of Colibri Financial Services Agents. John explains how Colibri offers fractional treasury manager services, diving into the intricacies of optimizing banking fees, loan structures, and merchant services for small businesses. They discuss why typical banking relationships are suboptimal and how Colibri provides a tailored review to unlock potential savings. John shares insights on how often businesses should revisit their financial structures and provides advice for small businesses on working effectively with banks. Tune in to understand the importance of competitive banking and the benefits of outsourcing treasury services. Hosted on Acast. See acast.com/privacy for more information.

Choosing Qualified Financial Planners: Insights from Aaron Hector, President of the IAFP In this episode of Financial Planning for Canadian Business Owners, host Jason speaks with Aaron Hector, president of the Institute of Advanced Financial Planners (IAFP), about the importance of finding qualified financial advisors in Canada. They discuss the Registered Financial Planner (RFP) designation, the IAFP's role in credentialing and supporting financial planners, and the rigorous process required to become an RFP. The conversation also covers the benefits of working with an RFP, the IAFP's symposiums, ongoing discussions among member financial planners, and tips for selecting the right financial planner. The episode aims to guide business owners and other individuals seeking reliable financial advice. 00:00 Introduction to Financial Planning for Canadian Business Owners 00:22 Overview of the Institute of Advanced Financial Planners (IFP) 00:45 Understanding the Registered Financial Planner (RFP) Designation 02:15 Qualifications and Process to Become an RFP 03:50 The Importance of Peer Review and Feedback 05:57 The Role of the IFP in Supporting RFPs 08:43 Benefits of Working with an RFP 13:21 Tips for Selecting the Right Financial Planner 19:14 Conclusion and Final Thoughts Hosted on Acast. See acast.com/privacy for more information.

Navigating Financial Planning in Canada with FP Canada In this episode of 'Financial Planning for Canadian Business Owners,' the focus is on finding credible financial advice. Special guest Tasha Batstone, President and CEO of FP Canada, discusses the role of FP Canada as a certifying body, emphasizing their mission to advance professional financial planning. The conversation delves into the standards and importance of the CFP designation and introduces the QAFP designation tailored for less complex financial needs. The discussion also highlights the education, certification, and ethical requirements involved in becoming a financial planner in Canada, and the stringent processes FP Canada employs to ensure public protection and professional accountability. 00:00 Introduction to Financial Planning for Canadian Business Owners 00:39 Finding Credible Financial Planners 00:50 Profile of FP Canada 02:15 Importance of the CFP Standard 06:37 Path to Becoming a CFP 14:28 The QAFP Designation 22:01 Accountability and Enforcement in Financial Planning 28:46 Why Work with a CFP Professional? 30:05 Conclusion and Final Thoughts Hosted on Acast. See acast.com/privacy for more information.

Elevating Financial Planning Standards: An In-Depth Look at FPAC with Julia Chung In this episode of Financial Planning for Canadian Business Owners, host Jason Pereira delves into the importance of seeking high-quality financial advice. He is joined by Julia Chung, the chairperson of the Financial Planning Association of Canada (FPAC), to discuss the goals and benefits of the organization. Julia elaborates on FPAC's commitment to advancing financial planning as a profession through education, community support, and advocacy for fiduciary standards. They explore membership requirements, the value of a psychologically safe professional community, and FPAC's role in elevating the industry. The episode concludes with guidance on seeking financial planning services and the significance of choosing a true financial planner. 00:00 Introduction to Financial Planning for Canadian Business Owners 01:05 Meet Julia Chung: Chairperson of FPAC 04:18 The Importance of Fiduciary Standards 07:12 FPAC's Vision and Membership 13:01 The Role of Financial Planners in Clients' Lives 19:56 FPAC's Community and Educational Resources 25:01 Finding the Right Financial Planner 27:12 Conclusion and Call to Action Hosted on Acast. See acast.com/privacy for more information.

Unlocking Insights: Expert Tips on Career Growth & Innovation In this episode, we explore critical insights from industry experts on how to supercharge your career and drive innovation. Key topics include strategies for effective leadership, fostering creativity within your team, and the importance of continuous learning. The discussion also highlights personal anecdotes and practical advice on navigating challenges in professional environments. Listeners will gain valuable lessons to enhance their career trajectory and embrace innovative thinking in their daily work life. Hosted on Acast. See acast.com/privacy for more information.

avigating Gray Areas in Insurance and Tax Law In this episode, host Jason Pereira, alongside guest Jason Watt, embarks on an in-depth discussion about the gray areas in insurance and tax law that Canadian business owners need to be aware of. They explore complex issues surrounding the Income Tax Act’s treatment of insurance, the potential risks involved with current sales tactics, and the specifics regarding corporate-owned insurance and individual policies. They discuss critical illness insurance, the implications of using corporate assets for personal loans, the nuances of the Capital Dividend Account (CDA), the mechanics of health spending accounts, and group benefits. They also touch upon the responsibilities and potential liabilities for insurance agents and financial planners. This episode aims to provide clarity and caution on often misunderstood and convoluted topics in the insurance field. 00:00 Introduction to Financial Planning for Canadian Business Owners 00:11 Gray Areas in Insurance and Tax Law 01:04 Historical Context of Insurance in the Income Tax Act 02:01 Critical Illness Insurance and Tax Code Gaps 02:59 Taxation of Corporate-Owned Insurance 05:06 Complexities of Borrowing Against Insurance Policies 10:45 Offshore Insurance Arrangements 13:56 Capital Dividend Account (CDA) Explained 17:05 Critical Illness Insurance with Return of Premium 20:43 Understanding Actuarial Valuation for ROP 21:06 Critical Illness Insurance: Real-Life Scenarios 21:56 Tax Implications and Full Disclosure 24:21 Group Benefits: Tax Outcomes and Gray Areas 29:14 Health Spending Accounts: Rules and Risks 33:43 Shareholder Benefits and Tax Risks 37:49 Agent's Obligations and Client Protection 41:52 CRA's Response and Tax Court Realities 45:11 Conclusion and Final Thoughts Resources Mentioned: FacebookLinkedInWoodgate.com Hosted on Acast. See acast.com/privacy for more information.

Exploring Defined Contribution Health Plans with Steve McEwen In this episode of 'Financial Planning for Canadian Business Owners,' host Jason Pereira welcomes Steve McEwen from My HSA to discuss defined contribution benefits programs, specifically Health Spending Accounts (HSAs) in Canada. They delve into the differences between traditional benefits programs and HSAs, the flexibility and advantages of HSAs, and the insurance options that can be layered with these accounts. McEwen provides insights on setup, costs, and the use of technology to manage claims, fraud prevention, and the overall benefits for both employers and employees. 00:00 Introduction to Financial Planning for Canadian Business Owners 00:25 Understanding Health Spending Accounts (HSAs) 01:39 Comparing HSAs to Traditional Benefits Programs 04:34 Catastrophic Insurance and Additional Coverage Options 07:52 Privacy and Legal Considerations for Employers 10:39 Setting Up and Administering HSAs 17:14 Cost and Tax Implications of HSAs 23:37 Employee Experience and Fraud Prevention 28:54 Conclusion and Final Thoughts Hosted on Acast. See acast.com/privacy for more information.

In this episode, Jason welcomes back listeners to 'Financial Planning for Canadian Business Owners' after a hiatus, and announces a new video format with guest Dr. Daniel Crosby, a New York Times bestselling author and Chief Behavioral Officer at Orion. Dr. Crosby discusses his latest book, 'The Soul of Wealth: 50 Reflections on Money and Meaning,' exploring the intertwining of wealth with meaning and purpose. They delve into the PERMA model of positive psychology, the importance of naming financial goals, and how psychological and behavioural insights can enhance financial well-being. Dr. Crosby shares personal anecdotes, including his health scare that led to the book's inspiration, and the notion that true wealth transcends mere financial achievement, emphasizing meaningful engagement, relationships, and personal growth. Hosted on Acast. See acast.com/privacy for more information.

In this episode, Jason talks to Jon Shell about the advent of employee ownership trusts in Canada, a game-changing legislation that addresses previous concerns and paves the way for a more inclusive and equitable business ownership structure. Through a deep dive into the intricacies of this model, listeners are offered a comprehensive understanding of its benefits, implications, and transformative potential for both business owners and employees alike. Episode Highlights: Key Takeaways: Tweetable Quotes: Resources Mentioned: FacebookLinkedInWoodgate.comPodcast Editing Hosted on Acast. See acast.com/privacy for more information.

In this episode, Jason Pereira discusses the world of virtual assistants for financial advisors, featuring insights from Andrew Evans, Founder of ROffice. Through their conversation, listeners gain valuable knowledge on how virtual assistants can revolutionize the way financial advisors operate, ensuring efficiency and effective client service. This episode is a deep dive into outsourcing certain business operations to optimize service delivery and business growth. Episode Highlights: Key Takeaways: Tweetable Quotes: Resources Mentioned: FacebookLinkedInWoodgate.comPodcast Editing Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Richard Parker, owner of the Diomo Corporation. They delve into the critical aspects of buying and selling businesses, focusing on the complexities around what sellers might not disclose and how buyers can navigate these challenges for a successful acquisition. The conversation offers a wealth of insights, drawing from Parker's extensive experience in helping individuals acquire businesses in the lower market. Episode Highlights: Key Points: Tweetable Quotes Resources Mentioned: FacebookLinkedInWoodgate.comRichard ParkerDiomo Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira interviews Tim Hewson, CEO of LegalWills, an online platform providing millions of users with a simple and accessible solution for creating legal and compliant wills. Tim discusses the importance of having a will, the challenges of estate planning, and how Legal Wills aims to demystify the process. Episode Highlights: Key Points: Tweetable Quotes: Resource Mentioned: FacebookLinkedInWoodgate.comLinkedInhttps://legalwills.company/https://www.linkedin.com/in/timhewson/?originalSubdomain=caPodcast Editing Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira interviews Tim Hewson, CEO of LegalWills, an online platform providing millions of users with a simple and accessible solution for creating legal and compliant wills. Tim discusses the importance of having a will, the challenges of estate planning, and how Legal Wills aims to demystify the process. Episode Highlights: Key Points: Tweetable Quotes: Resource Mentioned: FacebookLinkedInWoodgate.comLinkedInhttps://legalwills.company/https://www.linkedin.com/in/timhewson/?originalSubdomain=caPodcast Editing Hosted on Acast. See acast.com/privacy for more information.