3 Key Essentials To Build a Thriving Legacy

Carisoprodol 350 Mg For Sale As a small-business owner or entrepreneur, you’re responsible for two families basically; the one you have at home, and the one you have through work.

https://www.prehistoricsoul.com/u7xkiupq6 No matter what your business is, you ought to manage any potential risk(s) you might face in running a successful business or profession. A well thought-out insurance risk management, and benefits program is essential.

For a business owner or entrepreneur, your greatest and a vital asset is most probably You! Your creativity, ingenuity, and management abilities are linked to the survival of the business; starting from now and into the future. Starting a venture that a lot of gut; it’s a risker game and the at the same time rewarding when you see the fruits of the labour.

https://www.ngoc.org.uk/uncategorized/future-events/0vnicd7 Unfortunately, running the business has an intrinsic risk associated with it and you have to put in risk managing measures to ensure your brain-child thrive through the various metamorphosis of the business cycle. If you or your business partner die or become disabled, have the right plan and strategy in place would help protect your family and your business in a time of uncertainties.

Buy Real Diazepam Online To get a better sense of how well you’ve planned for these responsibilities, try asking yourself these questions:

  1. http://www.wowogallery.com/g3h5ueik2 What will happen to my business and family if I die or become disabled- and unable to work?
  2. What will happen if certain key employees die or become permanently disabled?
  3. How can I attract and retain the best employees?
  4. https://modaypadel.com/923egwhb9c How can I help ensure that my business will be able to weather unforeseen financial hardships?
  5. https://serenityspaonline.com/npppz3dc What will happen to my business when I retire? (At least plan 10-15 yrs in advance)

https://therepairstore.ca/ia068dsb Let’s explore and learn more about how risk management strategies can help protect your business while giving you a competitive edge.

Business Continuation Strategies.

https://modaypadel.com/0lh7ma22d6h One of the first things any business owner needs to consider is how to protect against events that may threaten the future of the business, like the death or disability of a founder, co-founder, partner or key employee. Let me address a few major most business owners, entrepreneur and professional never get time to consider and address;

Income Replacement

https://mmopage.com/news/enponmxxt Disability – income replacement insurance helps protect your income if you become disabled and can’t work. This is a must-have plan especially for self-employed, independent contracts, business owner and professional who relies on their ingenuity and creativity to earn an income to support themselves and their “two families”. Whether you need to secure their main source of income or supplement the coverage you receive from your employer or an association, Income Protection can help by providing a comprehensive and portable plan they can rely on throughout their working years. There are specialty business protection solutions available for small business owners and entrepreneurs.

Key Person Protection

https://fireheartmusic.com/v6k1hubb95k “Key Person” insurance is another essential component of a smart business continuation plan. Key person insurance protection can be a life or disability insurance purchased by the business on such a key employee (“the Steve Job” kind of employee or partner) and payable to the business. When a key person dies or becomes disabled, insurance can help make up for lost sales or earnings or cover the cost of finding or training a replacement. The cost of hiring and training a valuable employee can be astronomical, especially in those rough times.

Buy-Sell Agreements Funding.

https://www.chat-quiberon.com/2024/01/18/c8lcbwjm Individuals in business together most often have a shareholders’ agreement that addresses how the shareholders will conduct their affairs and the rights and/or obligations of all of the parties involved. Some shareholders may want to sell, and the others may want to buy their shares should one leave the company either by choice, retirement, disability, or death.

Cheap Valium Purchase Why are these agreements so important? You might think that if you die, your family could maintain their income by running the business themselves or by hiring someone to handle the day-to-day management. The fact is, your loved ones may not have the skills or the desire for the job, and your co-owners may not welcome the idea of an unintended partner. With a properly structured and funded buy-sell agreement, your business partners won’t have to scramble to come up with the money to buy out your share of the business, and you’ll be guaranteed that your survivors will be compensated fairly and promptly.

https://manabernardes.com/2024/fi8tt3lmhl Buy-sell agreements are typically funded by life insurance policies purchased on the lives of each of the business owners. You can enter into a buy-sell agreement at any time, but it often makes sense to do so when a business is formed or when new owners are brought into the business with help of a lawyer and small business insurance expert. Because business values can fluctuate, it’s important to review the contract with your accountant at least once per year or to include a calculation method in the agreement. Also, be sure the insurance coverage funding the agreement is up to date.

Clauses can be inserted to insure against the risk of becoming disabled and unable to work. In this case, disability income buyout insurance would fund the buy-sell agreement, allowing the disabled owners to be bought out, typically after a one-year waiting period, when faced with a terminal illness or as agreed by the partner in the shareholders’ agreement.

https://www.justoffbase.co.uk/uncategorized/hchnzc265o https://fireheartmusic.com/2skl7zyte Let’s know if there any way we can help your business; to ensure you have the utmost peace of mind – we work and coordinate with Accountants and Lawyers, to securing and protecting your legacy, reach us https://equinlab.com/2024/01/18/gvoo33wcf0n here

Is more of hard-earned money going to your loved ones or the government?

A comprehensive financial plan covers every area of your financial life, from investments and real estate to insurance risk mitigation, retirement planning, and tax and estate planning.

http://www.wowogallery.com/cowlf8av There are a number of financial planning areas that a financial plan may take into account; all based on your current unique circumstances and where you want to be later in life, and what do you want to happen should life uncertainty throw a curve-ball at you or a loved one(s).

https://sieterevueltas.net/ga6k38i While nobody likes thinking about it, planning for a future after you’ve passed away is an important process to go through for your family’s sake. It is essential if you don’t want your loved ones to face financial or legal distress after you’re gone. But that’s exactly what could happen if you don’t make the effort beforehand to put your estate in order.

But there’s good news. It may be easier than you think to get your affairs in order so that the people and/or organizations you care about most will benefit from the estate you have created over your lifetime.

It’s very important to review your estate plan to ensure it continues to reflect your wishes and desires going forward, while still making maximum use of potential tax-reduction strategies available.

https://manabernardes.com/2024/xpvj70s Read more..https://www.agf.com/ca/en/insights/personal-finance/articles/article-estate-planning-series-the-basics.jsp

Courtesy: AGF Management Ltd -Personal Finance

Six financial planning tips for business owners

Set your business up for success today and develop a financial plan for retirement

Securing Your Business
Secure The Future of Your Business

Here are six tips for financial success.

1.    Target top talent

You want great employees that will help support your business success. These days, steady work and reasonable wages aren’t enough to attract and retain the best talent. Employee benefits can help give you a competitive edge in the marketplace.

2.    Find great rates

You want your money to work for you as much as possible. Look for banking solutions that help reduce borrowing costs and that earn the highest possible returns on all your short and long term investments.

3.    Find tax efficiencies

Most business transactions–from employee compensation to business succession planning and asset protection–have tax consequences. Understanding and addressing tax implications can make a difference to the success of your business and the growth of your personal wealth.

4.    Insure your human capital

Most small businesses have at least one person who is critical to the company’s operations—this could be anyone who helps run the business and is hard to replace. A loss or injury to key personnel could have far-reaching effects on the business’s survival; consider protecting yourself and others with Key Person Insurance.

5.    Think future – yours and your business’

Many business owners rely on the sale of their business to fund their retirement and some are concerned with their business continuing after they leave. Combining succession planning with retirement planning can help you enjoy a financially secure retirement–whether you plan to sell or pass the business on.

6.    Protect yourself and loved ones

In the case of critical illness, disability, or premature death, the impact on your family’s savings and lifestyle could be significant. Life and Living Benefits insurance products can help mitigate these risks.

How to plan around the small business tax changes, effective 2019

Starting this year, 2019, incorporated private business i.e. Canadian
Controlled Private Corporations (CCPC) are taking a different approach when planning their tax and investment optimization strategy to managing their wealth and fortifying their legacy. However, because the reduction will be based on “Adjusted Aggregated Investment Income” (AAII) from the previous year, passive income for 2018 can impact the 2019 small business limit.

Passive income earned inside a corporation e.g. retained earnings, investment income ( such as interest, portfolio dividends, and taxable capital gains) in a Canadian active business can lower a corporation’s small business deduction (SBD). This reduction begins when a corporation (or a group of associated corporations) earns $50,000 of passive income in a year. Specifically, where passive income – known as “Adjusted Aggregated Investment Income” (AAII); exceeds $50,000 for a given year, the corporation’s access to the small business tax rate (10% federally) for the following year will be reduced.

Reduction in Small Business Deduction Limit Based on Passive Investments Income

The small business deduction (SBD) will be fully eliminated when passive income reaches $150,000. For each dollar of passive income over $50,000, the SBD will be reduced by $5. That’s once AAII reaches $150,000, none of the corporation’s active Business Income (ABI) will be ineligible for the small business rate and instead will be taxed at the general corporate rate, as illustrated in the graph. Courtesy by CI Investments.

The following strategies can reduce the impact of the new passive investing rules;

1) Invest for capital gains.

2) Buy and hold to defer capital gains

3) Consider corporate-owned tax-exempt life insurance

4) Pay sufficient salary to maximize RRSPs & TFSAs

5) Consider establishing an Individual/Personal Pension Plan (IPP/PPP)

Download to the document below to learn more!

Business Continuation plan in the event of ……

Protection is key to running a successful business; business continuation plan is to be reviewed on a regular basis to ensure that the business or owner(s) when faced with illness and/or injury, have a steady flow of income to help keep the business running whiles owner(s) recuperates.

This allows business operations to continue until the insured owner either returns to work or makes a decision regarding the future of the business.

Business overhead expense insurance is designed for self-employed professionals and small business owners typically with less than five employees where the enterprise depends on the ability of the owner(s) to generate income and pay the bills.

It is most vital for businesses and practices in which the owner’s ability to generate income makes the difference between the office being open or closed for business—for example; physicians, lawyers, accountants, engineers, and others.

If a small business owner or a co-owner becomes disabled and unable to generate income, business overhead expense insurance can help:

Cover Fixed Expenses: cover ongoing fixed expenses such as rent, property taxes and utilities. 

Running Your Business: Pay salaries to retain valuable employees and keep your business running.

Plan Summary & Features;

Ages 18-60 eligible to apply

Non-cancellable until age 65 (conditionally renewable after age 65)

Benefit payments are available for 15 or 24 months

Benefits can start after only 15 days of disability

Premiums may be tax-deductible as a business expense

You can increase your coverage at a later date

Return to work assistance is available

Five approaches to achieving the right asset mix for your portfolio

There are a lot of factors to be considered when developing the right strategy for your investments goals, such as your investment time frame, your current age, the need for capital/income and risk tolerance are big factors in setting your correct mix or allocation. There’s a broad range of products or solutions to deplore to accomplish this, and ensuring that it reflectss your evolving financial needs at various stages in life.

There’s no shortage of information on the web. The internet is full of information to help you do your research, but there’s no specific, customized information/strategy to help you deep dive into your own unique circumstances and finding the right solutions to you and loved one’s needs, goals, and aspirations, unless you want to spend most of your precious family/friend time – to not enjoying your life and keep figuring things out and not leveraging the knowledge of experts who are schooled in that field. We are at our best when we dedicate time into our craft. Never lose sight of the main reason you’re investing in the first place; to achieve some goals that you’ve set for yourself and perhaps your loved ones or cherish desires. Complete financial planning isn’t just about choosing investments; it should be about what you want out of life. We know that some of life’s crisis can’t be avoided, but we believe that talking about money matters and taking control of one’s finances can help eliminate the worry and uncertainties that can result when these matters are neglected.

I’m always remembered of these two certainties in life; Death & Taxes! What benefits is it to you if you can’t keep more of your earned money, and consequently leave no legacy or make a meaning impact in someone’s life or the community that you once lived in!

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Top 8 Essential Estate Planning Checklist

Estate planning is an exercise that’s both financial and emotional. We don’t know exactly how everything will work out in the future, but one thing is certain: death has tax implications. To maximize the assets you pass on to your heirs and minimize the taxes your estate will owe, consider making a plan to help ensure your estate is distributed to your loved ones the way you choose.

Consider the family business – If you have a business and want to pass it on to family members, determine whether anyone has the interest and aptitude to run it.
You should also plan to protect the value of your business from potential taxes arising after your death. If cash is not readily available at that time, your heirs may have to sell or close down the business or take on debt to keep it afloat. Insurance comes in very handy to help solve this dilemma.

Look at probate planning methods to pass on your wealth.
No matter what measures you take, there will be income tax implications for your estate. But there are ways to possibly reduce probate taxes and fees. Probate is a provincial court filing that validates your will and its executor (or executors). When probate is required, fees are based on the total value of the assets that flow through the will.
Here are some considerations:
1] Family trusts
2] Joint tenancy with right of survivorship (JTWROS)
3] Insurance solution to alleviate the tax burden

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Grow wealth and avoid the passive income problem faced by small business owners.

Investing the after-tax income of the corporation into a corporately owned life insurance policy, to protect the life of the business owner or partner, may be an effective tax planning strategy and ideal solution for the passive income problem for Canadian controlled private corporation. The income and growth in the underlying investments are tax-sheltered within the life insurance policy and are not included in the corporation’s income on an annual basis, so they don’t form part of “adjusted aggregate investment income”. The death benefit then flows out as a capital dividend and paid out tax-free to the shareholders. Read more...

Which is Better; RRSP or TFSA plan?

A recent report found that 32% of Canadians do not know the difference between TFSAs and RRSPs. I guess – advisors aren’t doing a great job helping investors make the most out of these plans, through the various stages in their lives. In a showdown between TFSAs and RRSPs, Canadians have a clear favourite: over half say they’d prefer to put their money in a TFSA, according to a report by Toronto-based Bank of Montreal (BMO). March 1, 2019 is the deadline for any RRSP contributions to count towards the 2018 tax year. Need help deciding the Best one for U? Let us know!! #RRSP#TFSA #diversification #futureplanning #incometax.

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Government grants to small business: “free seed money” – go unused

For small business and startup companies, one of the biggest challenges to get the enterprise going is finance to implement your creative and innovative ideas. Unfortunately, many businesses never consult financial professionals to ease this hurdle to an excellent “take off”. Small business hiring grants are available throughout the year, often for a certain period of time. They usually cover about 50 to 70 percent of the wage of someone being brought on to the payroll. Many programs are for recent post-secondary graduates or students with relevant work experience. Read more..