How to Save Money as a Business Owner

Are you earning a lot, but you have nothing to show for it? One of the most common things we hear from business owners is that they’re making money but they feel like they should have a lot more saved. Many business owners have figured out how to make it, and now what they really need to know is how to save money. Business owners want to know HOW to save money Surprisingly, we hear this most commonly from high-income…

How to Save Money as a Business Owner

How Do Financial Advisors Get Paid in Canada?

Do you know what you are paying your financial advisor for? How do financial advisors get paid in Canada? What value are you getting for the fees you are paying your financial advisor? Or do you even know you are paying your financial advisor fees? It’s time to get the answers to all of these questions and more. After all, EVERYTHING is expensive in the absence of value. But when you choose a financial advisor who delivers value? Well, then…

How Financial Advisors Get Paid | Ocean 6 Wealth Advisory

How to Use Financial Goal Setting to Fix Your Work-Life Balance

The elusive work-life balance. Is it just a buzzword? Is it just a dream that’s simply unattainable? Or is it a lot closer than you think? What is a work-life balance? In 2020, work-life balance, the equilibrium between personal life and career, became more complicated than ever. With many people working from home, they are now surrounded by their work 24/7. Not to mention, with our phones in our hands and our laptops open nearly every waking hour, it’s virtually…

How to Use Financial Goal Setting to Fix Your Work-Life Balance

Life Insurance for Business Owners: Why It’s Time to Revisit Your Policy

Chances are, you are already aware of the importance of life insurance for business owners at this point. You probably purchased a policy when you started your business, hoping it would satisfy an immediate need and that was that. Your business and your family was young, and you went with the most basic policy you could find. But that was a long time ago. Now, years have gone by and you’ve forgotten that policy even exists, yet you’ve been paying…

Life Insurance for Business Owners: Why It's Time to Revisit Your Policy

What is Passive Income Tax and Are You Paying Too Much?

In 2019, Canada’s revised corporate passive income tax rules were put into place. Since then, business owners are finding themselves increasingly frustrated with the confusing and convoluted nature of these rules. Unfortunately, this also means many business owners we meet are not investing properly and are paying way too much tax. At the same time, they’re also unclear on which investments are best to hold inside their corp. If that’s you, you are in the right place. Today, we’ve compiled…

What is Passive Income Tax and Are You Paying Too Much?

Why Successful Business Owners Should Not Use RSPs

Retirement Savings Plans (RSP) are designed to defer taxes to a later date. But who is to say you’ll be living a cheaper lifestyle at 60 than you are now? Suppose you made $200,000 in 2020 and put $50,000 into an RSP account. The government lets you defer the tax until you decide to withdraw the funds. Most likely during retirement.The idea is you’ll be living off less in retirement and not need a $200,000 income to live, therefore paying fewer taxes per…

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The People You Need on Your Financial Team

If you’re a successful business owner with a growing business, we’re going to explain the key people you want to have in your life to make sure you are making the most of your wealth and are on the right path to financial freedom. It starts with you. The CEO of your life, you make the decisions based on meaningful advice from trusted people around you. And if you’re the CEO then your financial advisor is the CFO. An experienced…

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Take Advantage of Your Corporate Structure

We often come across business owners, incorporated professionals and entrepreneurs who decide to get incorporated but don’t take full advantage of their corporate structure. They might be running a successful and growing business but if they structured their corporation right, they could be much further ahead. One of the things we highly recommend doing to stop giving away your hard-earned dollars to CRA is to leave as much money as you can inside your corporation. Don’t take out money to…

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When To Hire a Financial Planner

If you were to ask me ‘when is the best time to hire a financial planner?’ the question I’d ask back is ‘when do you want to start living your best life?’. We get it, as a business owner or entrepreneur you probably want to see thousands of dollars in the bank before you start to think about hiring a financial planner. Maybe that’s because you think there isn’t anything to plan until you have built up some retained earnings.…

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Why Life Insurance Is The Most Efficient Financial Planning Tool

Life insurance is so often misunderstood. We meet clients who love life insurance and ones who don’t want to talk about it at all. But there’s a reason why people invest in life insurance for years. It happens to be one of the most efficient and versatile planning tools in the financial landscape. At a basic level, insurance is used to cover debt and provide income replacement for your dependents when you are no longer around. Imagine yourself as a…

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