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…
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…
One of the most common questions we get from successful business owners, entrepreneurs, and incorporated professionals is how much money do they need to retire. It’s a pressing question in the financial planning industry, but oftentimes it’s not the right question to ask. Most successful business owners have the goal of achieving financial freedom which is different from retirement. If you love what you’re doing, it’s unlikely you are going to want to retire. If you hate what you’re doing, then…
