Owning a business takes guts, tenacity and vision. It’s not something for everybody but for those of us who have the passion and drive for it have realized there are great benefits that off-set the challenges.
As a business owner myself, I understand the unique situations you face everyday and I also know your money requires its own unique tools, vehicles and advice.
Here are three simple ideas every business owner should consider with their finances:
- Start an Individual Pension Plan.
An IPP is a defined pension plan that provides greater tax deferred contributions and a monthly pension upon retirement. The limits for most individuals exceed RSP maximums and can be made retroactive back to 1991 with past-service contributions - Start a group plan for your employees.
A group insurance plan is an excellent way to help with recruitment and retention in your company which will indirectly improve your bottomline. - Explore ways of getting trapped assets out of your corporation tax efficiently.
Your corporation and personal finances are separate entities but there are many ways to help business owners increase their personal finances efficiently without seeing your assets lost to corporate and estate taxes. Fortunately, there is a way to unlock these trapped assets and minimize the tax liability through proper planning and life insurance.
The team at Beyond Wealth specializes in helping business owners maximize their wealth and understand the unique opportunities and tax efficiencies available to them and we’d love to help you.