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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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Stop Giving Half Of Your Retirement Savings to CRA

Traditionally Retirement Savings Plans (RSPs) were the number one tool for Canadians to build their retirement funds. But if you’re a successful business owner, the chances are that you’ll never see the real benefit of an RSP because you’ll still have a high income in your retirement years, they’re just not set up to help you win. RSPs are designed for people to invest while they’re at a high-income bracket with the expectation they’ll be at a lower income bracket…

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How to Know If You’re Getting The Right Financial Advice

Whether they’re an accountant, investment advisor, insurance specialist or financial planner, anyone in Canada can offer financial advice. But how do we know the advice they’re giving us is right for us? Helping people get transparency on the role of each financial profession and understanding what each of these roles means for us is something that is very close to our hearts. Historically financial professionals in Canada have been trained to sell products such as insurance, mortgages, or investments and…

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Why You Should Scrap Your Budget For An Effective Cash Flow Plan

You can be forgiven for seeing a cash flow plan and a budget as one and the same. But in our experience, an effective cash flow plan is one of the most useful tools a business owner, incorporated professional or entrepreneur can use to organize and clarify their financial future.  Or anyone for that matter. Here’s why… A strict budget is like a strict diet. When you go over budget you feel like you have failed. Often being on a…

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5 Ways To Use Your Corporation To Invest And Save Taxes

Many business owners and incorporated professionals don’t properly utilize their corporations when it comes to current, future, and end-of-life investment and tax-saving opportunities. If you own a corporation and want to maximize your investments and save on taxes today, during retirement, and at death, here are five ways you can use your corporation to invest and save taxes: 1. Pay yourself a dividend Make sure you pay yourself a dividend and not a salary. Paying yourself a dividend will save…

Corporate Investing Strategies | Ocean 6 Wealth Advisory

When To Pay Off Debt And When To Invest

One of the most common questions we get from our clients who are incorporated professionals and have corporate investment accounts is when to invest their corporate earnings and when to pay off personal debt. For every dollar that you earn that is not allocated to your essential expenses, you have the choice on how to allocate that money. You can pay off your debt or invest it. Which option will you choose to ensure you get the most of every…

When To Pay Off Debts | Ocean 6 Wealth Advisory

How To Use Life Insurance For Retirement

One of the biggest advantages of owning your own company is the ability to deduct business expenses so you are paying those expenses with pre-tax dollars. But what many entrepreneurs don’t realize is that although there are many things that are not deductible, there is still a big advantage if you buy them in your corporation.So instead of buying life insurance with your personal (after-tax) income, you can purchase it through your corporation with (after-tax) income which has been taxed at a much lower…

Life Insurance For Retirement Income | Ocean 6 Wealth Advisory

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